Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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Yes Bank shares gain; Nomura raises to 'buy'

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A broker monitors share prices at a brokerage firm in Mumbai August 9, 2011. REUTERS/Danish Siddiqui/Files

A broker monitors share prices at a brokerage firm in Mumbai August 9, 2011.

Credit: Reuters/Danish Siddiqui/Files

Mon Jan 28, 2013 3:25pm IST

Reuters Market Eye - Shares in Yes Bank Ltd(YESB.NS) 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.

(Reporting by Manoj Dharra)
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