INSUBCONTINENT EXCLUSIVE:
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.