Yes Bank share price zooms 4% after reports of promoter Rana Kapoor seeking out-of-court settlement
Posted on 9th October 2018 |
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| Yes Bank shares extended rally on Tuesday, and gained more than 4% intra-day after reports that promoters Rana Kapoor and Madhu Kapur have initiated moves to reach an out-of-court settlement. Notably, Yes Bank shares zoomed to an intra-day high of Rs 233.8, in second straight day of rally. Yesterday, Livemint reported citing unidentified sources that Rana Kapoor and Madhu Kapur have begun preliminary talks to withdraw a long-drawn and bitter legal case against each other and put an end to their decade-old feud. If taken to its logical conclusion, the move will remove uncertainties surrounding the bank’s succession plans, simplify the board’s functioning and possibly help burnish the bank’s stained credentials, said the report. Meanwhile, Yes Bank has appointed a search committee to find Rana Kapoor’s successor. The bank’s main objective is to shortlist three names to succeed the current managing director and chief executive officer Rana Kapoor. “The first meeting of the ‘Search & Selection Committee’ is scheduled on Oct 11, 2018 for finalization of the advisory firm,” Yes Bank said in a statement. Former chairman of Irdai, TS Vijayan, and retired SBI chief OP Bhatt will be part of the panel which will choose Yes Bank’s chief executive officer after Rana Kapoor’s exit. Notably, after taking into account the recent rally, Yes Bank shares have plunged by nearly 43% from their 52-week highs after RBI’s decision to cut short Rana Kapoor’s tenure. On September 17, RBI curtailed the CEO’s term to January 31, 2019 without citing any reasons. Motilal Oswal has a buy rating on the shares with a target price of Rs 350. “While the near term uncertainty will remain till the new management takes charge and enunciates the business strategy, we believe that post sharp correction the stock is trading at reasonable valuations. We maintain our BUY rating with a target price of Rs 350,” Motilal Oswal said in a note. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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