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)
BP unit selling up to $261 million stake in Castrol India - termsheet
MUMBAI Castrol Ltd, a unit of oil major BP Plc, is selling an up to $261 million stake in Castrol India Ltd in a block trade on Wednesday, according to a termsheet seen by Reuters.
Illicit gold: India's smugglers shut out refiners, banks
MUMBAI Indian gold refiners just months ago were ramping up capacity and struggling to secure enough ore from miners. Now, they are suspending operations as a surge in smuggled bullion wipes out wafer thin margins.
Welspun India shares plummet again on contagion fears in cotton sheet dispute
MUMBAI Welspun India's shares plunged 20 percent for a second day on Tuesday, as the fallout from Target Corp's decision to terminate business with the firm for passing off cheap sheets as premium Egyptian cotton escalated.