YES Bank stock rises most on Sensex, Nifty post appointment of Brahm Dutt as non-executive part-time chairman

The YES Bank stock rose in trade today after the private lender appointed Brahm Dutt as non-executive part-time chairman to its board. The large cap stock rose up to 7.64% to 198 level on the BSE. The stock is the top Sensex and Nifty gainer today. On Nifty, the stock rose to 198 level intra day compared to the previous close of 184.25.

The stock has lost 42.37% during the last one year.

28 of 47 brokerages rate the stock “buy” or ‘outperform’, 13 “hold”, four underperform and two “sell”, according to analysts’ recommendations tracked by Reuters.

The stock is trading above its 50-day moving average of 179.52 but below its 200-day moving average of 267.76, respectively.

Country’s fourth largest private sector bank, in a statement said , “Vide its letter dated January 11, 2019, the Reserve Bank of India, pursuant to the provisions of the Banking Regulation Act, 1949…has approved his (Dutt’s) appointment as part-time chairman of Yes Bank’s board up till July 4, 2020 as Mr Dutt attains the age of 70 years.”

Dutt has been on the board of the bank since July 2013 as an independent director, and has contributed to almost all the sub-committees of the board over the past 5.5 years, Yes Bank said.

He is currently also the Chair of the Nomination and Remuneration Committee. During his career in the IAS for 37 years, he held several posts in Karnataka government as well as in the Central Government. Before retirement from the service, he worked as Secretary in the Cabinet Secretariat and in the Ministry of Road Transport and Highways for over three and half years.

YES Bank’s board also includes Mukesh Sabharwal, Subhash Kalia, Ajai Kumar, Pratima Sheorey, Uttam Prakash Agarwal, TS Vijayan, and Rana Kapoor (Managing Director and CEO).

Meanwhile, senior group president at financial markets Rajat Monga and a CEO of a foreign bank have been shortlisted to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor at the bank, sources had said.

Last week, the bank informed stock exchanges that it has shortlisted the names of potential candidates to succeed Kapoor, who is to demit office by month-end.

source: businesstoday