Yes Bank gains after foreign brokerage reiterates 'buy' rating

Yes Bank rose 1.32% to Rs 654.85 at 13:25 IST on BSE on reports that a foreign brokerage has reiterated its 'buy' rating on the stock.

Meanwhile, the BSE Sensex was down 64.37 points, or 0.26%, to 25,137.53.

On BSE, so far 2.36 lakh shares were traded in the counter, compared with an average volume of 3.95 lakh shares in the past one quarter.

The stock hit a high of Rs 656.55 and a low of Rs 641.35 so far during the day. The stock hit a record high of Rs 910 on 4 March 2015. The stock had hit a 52-week low of Rs 535.90 on 26 September 2014.

The stock had underperformed the market over the past one month till 4 September 2015, sliding 23.03% compared with 10.22% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 21.94% as against Sensex's 6.01% decline.

The private sector bank has equity capital of Rs 418.44 crore. Face value per share is Rs 10.

The foreign brokerage has reportedly stated in a research report that the Yes Bank stock has already factored in concerns about the asset quality of the bank. According to the foreign brokerage, Yes Bank will benefit from a focused approach towards customer acquisition and its branch-centric business model. The brokerage has reportedly said that an expected uptick in the economy and likely rate cut from the Reserve Bank of India (RBI) are other triggers for the stock's upmove.

Yes Bank's net profit rose 27.7% to Rs 551.20 crore on 22.8% growth in total income to Rs 3797.02 crore in Q1 June 2015 over Q1 June 2014.

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

Powered by Capital Market - Live News