Yes Bank gains after teaming up with OPIC

Yes Bank rose 0.17% to Rs 883.95 at 11:35 IST on BSE after the bank announced that it has teamed up with the Overseas Private Investment Corporation to support small business growth.

The company made the announcement after market hours yesterday, 27 January 2015.

Meanwhile, the S&P BSE Sensex was up 120.02 points or 0.36% at 29,678.41.

On BSE, so far 67,489 shares were traded in the counter as against average daily volume of 2.85 lakh shares in the past one quarter.

The stock hit a high of Rs 885, also a record high for the stock. The stock hit a low of Rs 874.55 so far during the day. The stock had hit a 52-week low of Rs 292.10 on 4 February 2014.

The stock had outperformed the market over the past one month till 27 January 2015, gaining 18.98% compared with Sensex's 8.55% rise. The scrip had also outperformed the market in past one quarter, jumping 37.13% as against Sensex's 10.53% rise.

The large-cap private sector bank has equity capital of Rs 417.55 crore. Face value per share is Rs 10.

Yes Bank announced that the bank has teamed up with the Overseas Private Investment Corporation (OPIC), the US government's development finance institution, by signing a memorandum of understanding to explore OPIC financing of up to $220 million to increase lending to micro, small and medium enterprises (MSMEs) in India. Specifically, $100 million of the financing would be used to support either Micro-SMEs or SMEs in underserved rural and urban markets, Yes Bank and OPIC said in a joint statement. US-based lender Wells Fargo Bank, N.A., will act as sponsor and co-lender to the project.

Yes Bank's net profit 30% rise in net profit to Rs 540.29 crore on 20.9% rise in total income to Rs 3508.47 crore in Q3 December 2014 over Q3 December 2013.

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