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. (firstname.lastname@example.org; email@example.com)
- Tweet this
- Share this
- Digg this
India's battle with inflation and weak economic growth became more challenging on Thursday with a sharp spike in the cost of food driving the highest retail price rises on record and a worse-than-anticipated contraction in industrial production. Full Article
Amount of dirty money leaving developing world jumped 14 pct in 2011 - report. Full Article