UCO Bank Shares Jump 19% To Over Eight Years High After Two Large Trades

Shares of UCO Bank Ltd. jumped 19% to an over eight-year high on Monday after two large trades.

At least 0.02% of equity changed hands in two large trades. About 10.8 lakh shares representing 0.01% changed hands in the first large trade. Followed by 16.2 lakh shares, also representing 0.01% in the second large trade.

As the government holds 95.39% stake in UCO Bank, leaving 4.61% of the shares for the public, any large trade pushes the shares higher.

Shares of the lender rose as much as 19.09% to Rs 60.20 apiece. The shares last traded around these levels on June. 1, 2015. It pared gains to trade 17.31% higher at Rs 59.30 apiece as of 10:14 a.m. This compares to a 0.36% advance in the NSE Nifty 50 Index.

It has risen 115.73% in the last 12 months. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 87 indicating it was overbought.