YES Bank rallies for second straight day; should you buy?
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Shares of YES BankN extended their rally for the second straight session after the lender said it is fully geared up for the succession plan for the post of its MD and CEO and will finalise two external experts for the search committee by October 7.
“The bank is fully geared for the MD & CEO’s succession. Pursuant to the board of directors meeting dated September 25, 2018, the two external experts of the Search & Selection Committee will be finalised by October 7, 2018," Yes Bank said in a statement.
Following a steep fall in its share price last week, YES Bank on Monday also released its unaudited financial results for the quarter to September.
The company registered a 41 per cent year-on-year rise in deposits at Rs 2.23 lakh crore in Q2 FY19 while the CASA ratio grew 28.20 per cent YoY.
Gross non-performing assets stood at 1.35 per cent of gross advances compared with 1.82 per cent in the same quarter last year.
The scrip was up 7.33 per cent at Rs 215.95 at around 9.45 am while the BSE Sensex was down 231 points, or 0.63 per cent, at 36,294.
The private lender released these figures ahead of the official announcement of the financial results for the September quarter. These figures are subject to approval by the audit committee of the board, board of directors and by the bank’s statutory auditors.
RBI last month curtailed the three year term YES Bank's board had sought for its MD and CEO Rana Kapoor, also one of the promoters, to January 31, 2019, and asked the bank to find a replacement.
Brokerage firm Motilal Oswal said, “The process to select the new MD and CEO should be over by first week of December and the incumbent MD and CEO should join earliest by January-19 if all the processes and RBI approval are received in time. 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."
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