Yes Bank scales record high as CCEA clears proposal to raise foreign investment limit

Yes Bank rose 1.08% to Rs 1,007 at 11:26 IST on BSE after the Cabinet Committee on Economic Affairs cleared the bank's proposal for increase in foreign investment limit in the bank's equity capital to 74% from 41.87% without any sub-limits.

The announcement hit the market after trading hours yesterday, 25 May 2016.

Meanwhile, the S&P BSE Sensex was up 139.30 points or 0.54% at 26,020.47

On BSE, so far 1.86 lakh shares were traded in the counter as against average daily volume of 3.48 lakh shares in the past one quarter. The stock hit a high of Rs 1,012.50 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 996 so far during the day. The stock had hit a 52-week low of Rs 590 on 24 August 2015. The stock had outperformed the market over the past one month till 25 May 2016, rising 13.4% compared with 0.79% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 48.37% as against Sensex's 12.64% rise.

The large-cap private sector bank has equity capital of Rs 420.92 crore. Face value per share is Rs 10.

In late April 2016, the Reserve Bank of India (RBI) had raised the ceiling on investment in the bank's equity capital by foreign institutional investors to 60% from 49% after the bank's board of directors and shareholders approved the proposal. The RBI had at time capped total foreign holding in the bank from all sources at 60%.

Yes Bank's net profit rose 27.4% to Rs 702.11 crore on 17.7% rise in total income to Rs 4331.11 crore in Q4 March 2016 over Q4 March 2015.

Yes Bank is a private sector bank with a pan India presence.

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