Yes Bank shares zoom 30% after RBI clears lender of divergence; should you buy or sell stock?
Posted on 14th February 2019 |
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| Shares of India’s major private sector lender Yes Bank surged in trade on Thursday morning after the RBI cleared the bank of divergence. Yes Bank share price gained by nearly 30% to hit the day’s high at Rs 220.25 on NSE this morning. Yes Bank said yesterday that the RBI has not found any divergence in the asset classification and provisioning done during 2017-18. “The report observes NIL divergences in the bank’s asset classification and provisioning from the RBI norms,” the Mumbai-based lender said in a statement to the stock exchanges, citing the central bank’s risk assessment. Taking stock of the development, global research firm firm Nomura said that the Risk Assessment Report from RBI is positive and could lead to a near term re-rating. Nomura has a “neutral” rating for the bank with the target stock price at Rs 245 per share. Research and brokerage firm Motilal Oswal said RBI’s report has removed challenges that the new management might otherwise have had to align the bank’s asset quality standards to RBI’s requirements. According to Macquarie, the NIL divergence reported by the bank is a big positive. The firm has a target stock price of Rs 270. A significant overhang has dissapeared from the bank. Macquarie has a buy rating on the stock with a share price target of Rs 270. The valuations are cheap at the current levels, said Macquarie, with an advise to buy the scrip. “With two of the key overhangs addressed (management and divergence), we expect the bank to now look at the capital raise issue over the next few months, which will help drive a gradual improvement in its operating performance, Motilal Oswal noted, maintaining a “buy” rating with the target price of Rs 270 per share. |
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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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