Stock Market

Yes Bank shares continue to gain; up nearly 2%

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New Delhi: Shares of Yes Bank on Tuesday gained nearly 2 per cent in-line with a broader market trend, registering its fourth consecutive day of rally. The scrip jumped 1.71 per cent to close at Rs 47.60 on the BSE.

During the day, it went up by 2.88 per cent to Rs 48.15. On the NSE, it rose 1.81 per cent to close at Rs 47.65. In fours days, the scrip has gained over 11 per cent. On traded volume front, 71.01 lakh shares of the company were traded on the BSE and over 13 crore shares on the NSE during the day. Market benchmarks Sensex and Nifty soared to new peaks on Tuesday.

The 30-share BSE barometer settled 413.45 points, or 1.01 per cent, higher at its all-time high of 41,352.17.

Similarly, the broader NSE Nifty rallied 111.05 points, or 0.92 per cent, to its record closing high of 12,165. Meanwhile, two of India's top bankers on Tuesday opined that Kotak Mahindra Bank (KMB) is best suited to acquire smaller and capital-starved rival Yes Bank. "I think Uday (Kotak) is the best candidate to acquire Yes Bank.

You need deep pockets, Uday has that," SBI Chairman Rajnish Kumar said at Times Network's India Economic Conclave in Mumbai. When the same question was posed to third-largest lender Axis Bank's Managing Director and CEO Amitabh Chaudhry, it was answered with the same suggestion. "We (Axis Bank) are a smaller bank.

We are trying to ensure that we grow big so that at some stage we can acquire others.

So, yes Kotak, they are best suited rather than us," he said. Yes Bank's share price plummeted to Rs 32 apiece in October as against a high of Rs 400 just a year ago and has been one of the most volatile scrips on the bourses. The company's capital buffers have dipped on accelerated non-performing assets recognition under new chief executive Ravneet Gill earlier this year. The private sector lender's capital raising plan is also passing through uncertainties and there are speculations on whether Yes Bank is an acquisition target, which has been denied by its management.




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