Yes Bank edges higher after partnering with FT42 Labs for cyber security solution

Yes Bank rose 0.2% to Rs 1199.70 at 11:30 IST on BSE after the bank said that it has collaborated with FortyTwo42 Labs, a global security Research Lab as a co-innovation partner.

The announcement was made during market hours today, 15 December 2016.

Meanwhile, the BSE Sensex was down 30.58 points, or 0.04%, to 26,592.34.

On the BSE, 49,809 shares were traded in the counter so far, compared with average daily volume of 2.85 lakh shares in the past one quarter. The stock had hit a high of Rs 1,204.50 and a low of Rs 1,180 so far during the day.

Yes Bank said that the partnership is for developing next generation Fintech and cyber security solutions. One of the first innovations, the PI-CONTROL platform that the bank has jointly developed with FortyTwo42 Labs will be rolled out in the next few weeks. The solution has the capability to provide real time cryptographic digital transaction signing at massive scale.

FortyTwo42 Labs has a set up in Vizag and Pune in India and Tel Aviv in Israel.

Yes Bank reported 31.3% rise in net profit to Rs 801.54 crore on 24.7% rise in total income to Rs 4982.23 crore in Q2 September 2016 over Q2 September 2015.

Yes Bank is one of the leading private sector banks in India.

Powered by Capital Market - Live News