Yes Bank shares gain; Nomura raises to 'buy'
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)
- Tweet this
- Share this
- Digg this
- Comedian Joan Rivers remains in serious condition at N.Y. hospital
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- UPDATE 4-Iceland says eruption over, lifts all airspace restrictions
- Swedish carrier backs out as first Bombardier CSeries operator
- Ukraine seeks to join NATO; defiant Putin compares Kiev to Nazis
India's economy grew by a faster-than-expected 5.7 percent in the three months through June, its fastest pace in two-and-a- half years, helped by a rebound in manufacturing and mining sectors, government data showed on Friday. Full Article
Exclusive: Reliance plans $13 billion projects including new refinery. Full Article
In race for bigger margins, drug makers willing to lose the India "advantage". Full Article