Record date for stock split generates interest in City Union Bank

City Union Bank surged to hit 10% upper circuit at Rs 468.45 at 11:09 IST on BSE after the bank fixed 30 January 2008 as the record date for the purpose of stock split of equity share of Rs 10 into 10 equity shares of Rs 1 each.

The company made this announcement during market hours today, 2 January 2007.

Meanwhile, BSE Sensex was down 111.20 points or 0.56% to 20,188.64.

On BSE, 24,617 shares changed hands in the counter. The stock had an average daily volume of 25,478 shares on BSE in past one quarter.

The stock hit a high of Rs 468.60 also a all time high for the scrip. It hit a low of Rs 435.70 so far during the day. The scrip had touched a 52 week low of Rs 133 on 8 March 2007.

The mid-cap scrip outperformed the market over the past one month till 1 January 2008 rising 82.71% compared to the Sensex's rise of 3.56%. It however outperformed the market over the past one quarter, rising 83.19% to Sensex's gain of 13.75%.

The company's current equity share capital is Rs 32 crore. Face value per share is Rs 10.

At the current price of Rs 468.45 the PE multiple works out to 11.01 based on Q2 September 2007 annualised EPS of Rs 42.54.

The company's net profit rose 64.2% to Rs 26.80 crore on 54.6% rise in total operating income to Rs 169.96 crore in Q2 September 2007 over Q2 September 2006.

City Union Bank is a leading scheduled private commercial bank with a strong base in urban, semi-urban and rural centres of south India.