MARKET EYE-India's Yes Bank shares gain; Nomura raises to 'Buy'
* Shares in India's Yes Bank Ltd gain 2.7 percent after Nomura upgraded the stock to "buy" from "neutral" and raised its target price to 615 rupees from 425 rupees. * Nomura says Yes Bank was granted 146 new branch licenses by the RBI, which should improve returns on assets (ROA). * These licenses should be implemented over the next 18 months, and improve the bank's current and savings account (CASA) ratios to 26 percent for fiscal 2015 from 18.3 percent as of the third quarter of fiscal 2013, Nomura estimates. * Net interest margins should improve to 3.45 percent by fiscal 2015 from 2.95 percent in fiscal 2013, driving a 15-20 bps ROA improvement, Nomura says. (email@example.com; firstname.lastname@example.org)
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India could run out of a critical medicine in its free HIV/AIDS drugs programme in three weeks due to bureaucratic bungling, a senior government official said, leaving more than 150,000 sufferers without life-saving drugs for about a month. Full Article