Yes Bank shares rise over 3% ahead of board meet scheduled today

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Updated: September 25, 2018 10:36:01 AM

The shares of Yes Bank climbed over 3 percent to Rs 234.30 on BSE in the early trade after the private lender yesterday reaffirmed FY19 credit cost guidance at 50-70 bps.

The bank and its MD and CEO will be fully guided by its board, RBI and other relevant stakeholders, said Yes Bank in a statement.

The shares of Yes Bank climbed over 3 percent to Rs 234.30 on BSE in the early trade today after the private lender yesterday reaffirmed FY19 credit cost guidance at 50-70 bps. The private sector lender is top percent gainer on NSE index which is down 0.64 percent. The Yes Bank’s board is scheduled to meet later in the day to decide future course of action after the central bank last week curtailed CEO and MD Rana Kapoor’s term until January 31, 2019.

The bank and its MD and CEO will be fully guided by its board, RBI and other relevant stakeholders, said Yes Bank in a statement, assuring commitment to protect stakeholders’ interest. Thirty-one of 46 brokerages rate the stock ‘buy’ or higher, 10 ‘hold’ and five ‘sell’ or lower; their median PT is 417.5 rupees, Reuters said.

Also READ: Share market live: Sensex down 200 points, Nifty below 10,900; rupee nears 73/$

Meanwhile, benchmark indices turned volatile after opening higher Tuesday on foreign fund outflows, surging global crude oil prices, weak rupee and negative global cues. The 30-share index fell 124.63 points, or 0.34 percent, to 36,180.39, after touching a high of 36,454.03 at the outset. The gauge has lost 1,785.62 points in the previous five sessions.

Similarly, the NSE Nifty fell by 33.40 points, or 0.30 percent, to 10,934. Sectoral indices led by realty, FMCG, banking, power, consumer durables and auto stocks were in the negative terrain, with losses up to 0.87 percent.

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