UTI Bank hits its 52-week high of Rs 57.65, closing at the same price. More than 4.39 lakh shares were traded on the BSE as the stock hit its upper circuit of 20 per cent.
The rally on the UTI Bank counter was attributed to rumours that HDFC Bank is likely to acquire a controlling 33.56 per cent equity stake in UTI Bank.
There were also rumours that UTI Bank has placed some shares with foreign institutional investors (FIIs) at a premium to the current market price, according to market sources.
For the fourth quarter ended March 31, UTI Bank posted a net profit of Rs 60.53 crore (Rs 42.06 crore) on total income of Rs 516.20 crore (Rs 467.75 crore). For FY03, its net profit stood at Rs 192.18 crore (Rs 134.14 crore) on total income of Rs 1,875.28 crore (Rs 1,594.40 crore).
