American credit rating agency Moody’s has placed Yes Bank Limited’s long term foreign currency issuer rating of B2 under review without any certainty on the direction. The bank has been facing stability concerns relating to weakening financial health and funding set-backs.The rating agency has also placed under review the assigned rating of B2 for the bank’s long term foreign and local currency deposit ratings and the direction is uncertain. Further, the agency simultaneously downgraded the Baseline Credit Assessment (BCA) rating to caa2 from b3. The BCA assessment takes into consideration the bank’s macro profile, financial profile, and relevant qualitative factors to arrive at a rating.In justification to the rating action, Moody’s stated, “The placing of Yes Bank’s deposit rating of B2 under review reflects Moody’s expectation that the bank’s standalone viability is getting increasingly challenged by its slowness in raising new … [Read more...] about Moody’s places Yes Bank’s issuer rating under review, downgrades BCA rating
Nri fd rates yes bank
As YES Bank wobbles violently, it's mostly retail investors who are left clutching at straws.Shares of YES Bank extended their fall into the third straight session on Tuesday despite the Board approving raising of up to Rs 10,000 crore in one or more tranches on January 10.The scrip declined 18% to an intraday low of Rs 38.75 in early trade on Tuesday against January 9 closing price of Rs 47.30.Even as the scrip fell and prospects remained uncertain, the retail ownership in YES Bank rose for a second quarter in a row in October-December as small investors ignored the problems and bet that the bank will successfully raise capital.Interestingly, the retail investors bought into the stock as foreign portfolio investors and mutual funds, concerned over the quality of investors, exited.The stake held by retail investors, or individuals with up to shares worth Rs 2,00,000, jumped to 43.6% at the end of December from 27.4% a quarter ago even as their number rose to 1.6 million from 1.3 … [Read more...] about Only if retail investors would have said ‘No’ to Yes Bank…
No white knight in sight, YES Bank may bank on its foot soldiers in its capital quest. After multiple attempts failed to rope in a big investor, the bank now plans to raise money in small tranches to emerge out of the crisis. The lender will seek shareholders' approval on February 7 to raise its authorised share capital to Rs 1,100 crore at an extraordinary general meeting. With its target of raising a huge $2 billion, the bank is now looking to raise the money in tranches of $4-500 million. It is already considering a proposal of US-based Citax Holding for infusing $500 million in the ailing bank. The lender may look at a rights issue, which is raising money from the existing shareholders, according to a report. If it goes for a rights issue and if it is successful, it would one of the first bailouts of a troubled lender by retail investors as they hold the most 43% stake in YES Bank.The stake of retail investors, defined as individuals with up to shares worth Rs 2,00,000, jumped to … [Read more...] about Being Yes Bank’s largest shareholders, will retail investors save the bank?
Moody’s said it has also placed the bank’s long-term foreign and local currency bank deposit ratings of B2, and its foreign currency senior unsecured Medium-Term Note Program (MTN) program rating of (P) B2, under review, with the direction uncertain. … [Read more...] about Moody’s places Yes Bank’s ratings under review
NEW DELHI: Nifty futures on the Singapore Exchange traded 12 points, or 0.10 per cent, lower at 12,359.50, indicating a tepid start for Dalal Street. Here are a few stocks which may nu RIL, TCS & HCL Tech: Reliance Industries is expected to report a 10-14 per cent yearly rise in profit for the December quarter. TCS is expected to report a flat profit growth on slowdown in banking & financial services and retail segments. Another IT firm HCL Technologies is expected to report modest rise in profits. KEI Industries, ICICI Lombard, L&T Technology Services, Blue Dart and L&T Finance will also report their quarterly results today. Bharti Airtel, Vodafone Idea: With the Supreme Court rejecting a review of its order that put Rs 1.47 lakh crore liability of past dues on telecom companies, firms such as Bharti Airtel and Vodafone Idea are evaluating filing a curative petition before the apex court for relaxation on penalties and payment deadline. GAIL, Power Grid, Oil … [Read more...] about Stocks in the news: RIL, Bharti Airtel, TCS, YES Bank, Vodafone Idea and HCL Tech