Yes Bank vaults after getting approval to launch MF business

Yes Bank surged 4.04% at Rs 349.05 at 14:10 IST on BSE after the bank announced that it has received the approval from Sebi to commence its mutual fund business.

The announcement was made after market hours yesterday, 4 July 2018.

Meanwhile, the S&P BSE Sensex was down 10.13 points or 0.03% at 35,635.27.

On the BSE, 7.65 lakh shares were traded on the counter so far as against the average daily volumes of 2.63 lakh shares in the two weeks. The stock had hit a high of Rs 349.75 and a low of Rs 338.50 so far during the day. The stock had hit a record high of Rs 383.25 on 21 September 2017 and a 52-week low of Rs 285.10 on 23 March 2018.

The large-cap bank has equity capital of Rs 461.14 crore. Face value per share is Rs 2.

Yes Bank announced that the bank has received the final regulatory approval (Certificate of Registration) from the Securities & Exchange Board of India (Sebi) to commence its mutual fund business. This approval is subsequent to the Reserve Bank of India's (RBI) approval granted to Yes Bank to sponsor a mutual fund followed by Sebi's in-principle approval received subsequently.

Yes Asset Management (India) (YAMIL) will leverage Yes Bank's Knowledge Banking expertise and relationship capital across retail, corporate and institutional investors to effectively channelize their assets in equity and debt capital markets.

Yes Bank's net profit rose 29.02% to Rs 1179.44 crore on 27.78% growth in total income to Rs 7163.95 crore in Q4 March 2018 over Q4 March 2017.

Yes Bank is India's fourth largest private sector bank with a pan India presence.

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