 "Yes Bank")
Renewed interest in YES Bank
Shares of YES Bank, which fell sharply after the Reserve Bank of India trimmed the tenure of its MD and CEO Rana Kapoor, are seeing a renewed interest from investors. Things seemed to be settling down in the last few days with the board declaring the names of search committee members, which includes former State Bank of India chairman O P Bhatt and former Insurance Regulatory and Development Authority of India chairman T S Vijayan as external members. After falling to Rs183, the stock has recovered marginally to Rs 204 in the past week.
Joydeep Ghosh
Joydeep Ghosh
Mutual funds exit mutual funds
Asset management companies (AMCs) offloaded shares of peers during the September quarter. HDFC AMC offloaded 1.52 million shares of Reliance Nippon AMC, while Aditya Birla AMC and IDFC Mutual Fund (MF) sold another 71,000 and 29,144 shares, respectively, during the September quarter. Meanwhile, L&T AMC offloaded nearly 173,000 shares of HDFC AMC during the three months ended September 2018. The selling has come at a time when the market regulator has cut the total expense ratio, which is set to impact the profitability of fund houses. Last week, shares of Reliance Nippon AMC and HDFC AMC dropped to all-time lows.
Samie Modak
TCS among global best-performers
Tata Consultancy Services (TCS) is the third-best performing stock among global top 100 companies in terms of market value in 2018. Shares of the Tata group flagship company, which ranks 81 in terms of market capitalisation, are up 58 per cent year to date. The best-performing stock in the top 100 is video streaming firm Netflix, whose shares are up 84 per cent, followed by e-commerce giant Amazon, which has gained 63 per cent. Shares of TCS have come off less than 7 per cent from its peak despite the Sensex declining 12 per cent from its peak. The Street is betting the sliding rupee will benefit the software exporter.
Samie Modak
