Latest news with #PrashantKumar
Time of India
6 days ago
- Business
- Time of India
YES Bank shares in focus after Rs 201-crore recovery from NPA settlement
YES Bank shares will be in focus on Monday after the private sector lender announced a one-time settlement (OTS) related to a non-performing asset (NPA), resulting in a recovery of Rs 201 crore. In a stock exchange filing, the bank said, 'YES BANK has executed an OTS in connection with an NPA, and the borrower has paid Rs 201 crore in full and final settlement of the monies owed to the Bank.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Esta é a melhor maneira de se livrar de pólipos na pele! Conselhos E Truques The net amount received—after adjusting for the carrying value of the asset—exceeded the materiality threshold under the amended Listing Regulations, thereby triggering a disclosure under Regulation 30. Also Read: 11 Nifty mid & smallcap stocks that can rally 40-90% over the next 12 months Earlier this month, international rating agency Moody's upgraded YES Bank's rating to Ba2 from Ba3 and revised the outlook to Stable, citing improvements in the bank's credit profile. The agency also raised the bank's baseline credit assessment (BCA) to ba3 from b1. Live Events 'YES Bank's 'Ba2' deposit ratings are one notch above its 'ba3' BCA based on our expectation of a moderate likelihood of support from the Government of India in times of need,' Moody's said. Also Read: Is the grey market premium misleading? Decoding the valuation gap in HDB Financial's IPO Separately, the Reserve Bank of India (RBI) recently approved a six-month extension for Managing Director and CEO Prashant Kumar , effective from October 6 or until a new MD & CEO takes charge. Kumar's current three-year term ends in October, and the bank has initiated a global search for his successor. In May, Sumitomo Mitsui Banking Corp (SMBC) signed a definitive agreement to acquire a 20% stake in YES Bank for Rs 13,483 crore at Rs 21.5 per share. The stake purchase includes 13.19% from State Bank of India and 6.81% from other banks, including Axis Bank , HDFC Bank , ICICI Bank , and others. YES Bank share price target According to Trendlyne, the average target price for YES Bank is Rs 17, suggesting a potential downside of nearly 16% from current levels. Of the 12 analysts tracking the stock, most maintain a 'Sell' rating. The stock has gained 17% over the past three months but is still down 18% over the last 12 months. YES Bank's current market capitalisation stands at Rs 61,941 crore. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Economic Times
6 days ago
- Business
- Economic Times
YES Bank shares in focus after Rs 201-crore recovery from NPA settlement
YES Bank shares will be in focus on Monday after the private sector lender announced a one-time settlement (OTS) related to a non-performing asset (NPA), resulting in a recovery of Rs 201 crore. ADVERTISEMENT In a stock exchange filing, the bank said, 'YES BANK has executed an OTS in connection with an NPA, and the borrower has paid Rs 201 crore in full and final settlement of the monies owed to the Bank.' The net amount received—after adjusting for the carrying value of the asset—exceeded the materiality threshold under the amended Listing Regulations, thereby triggering a disclosure under Regulation 30. Also Read: 11 Nifty mid & smallcap stocks that can rally 40-90% over the next 12 monthsEarlier this month, international rating agency Moody's upgraded YES Bank's rating to Ba2 from Ba3 and revised the outlook to Stable, citing improvements in the bank's credit profile. The agency also raised the bank's baseline credit assessment (BCA) to ba3 from b1.'YES Bank's 'Ba2' deposit ratings are one notch above its 'ba3' BCA based on our expectation of a moderate likelihood of support from the Government of India in times of need,' Moody's said. ADVERTISEMENT Also Read: Is the grey market premium misleading? Decoding the valuation gap in HDB Financial's IPO Separately, the Reserve Bank of India (RBI) recently approved a six-month extension for Managing Director and CEO Prashant Kumar, effective from October 6 or until a new MD & CEO takes charge. Kumar's current three-year term ends in October, and the bank has initiated a global search for his successor. ADVERTISEMENT In May, Sumitomo Mitsui Banking Corp (SMBC) signed a definitive agreement to acquire a 20% stake in YES Bank for Rs 13,483 crore at Rs 21.5 per share. The stake purchase includes 13.19% from State Bank of India and 6.81% from other banks, including Axis Bank, HDFC Bank, ICICI Bank, and others. ADVERTISEMENT According to Trendlyne, the average target price for YES Bank is Rs 17, suggesting a potential downside of nearly 16% from current levels. Of the 12 analysts tracking the stock, most maintain a 'Sell' stock has gained 17% over the past three months but is still down 18% over the last 12 months. YES Bank's current market capitalisation stands at Rs 61,941 crore. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Mint
6 days ago
- Business
- Mint
I-banks to pitch for ₹25,000 crore SBI QIP this week
State Bank of India (SBI) has invited pitches from investment banks to help it raise ₹25,000 crore through a qualified institutional placement (QIP), two people aware of the matter said. 'The investment banks will make their presentations this week," one of the persons cited above said. The board of India's largest bank had approved the fund-raising on 3 May, its second QIP since FY18 when it raised ₹18,000 crore. A QIP is a quicker way than rights issue or follow-on offer for a listed company to raise capital by selling shares or convertible securities to institutional buyers. On Friday, SBI shares closed 1.29% higher at ₹795.25, in line with the benchmark Nifty index that closed at 25,112.40. SBI's market capitalization stood at ₹7.09 trillion, the highest among state-run companies. Queries emailed to SBI remained unanswered. Also read | Borrowed time: Investors bullish on near-term upside increase leveraged bets on Tata Motors, SBI, HAL, Jio Financial On 20 May, SBI issued a request for proposals (RFP) to hire up to six merchant bankers and other intermediaries for the fundraising plan. The selected bankers will be designated book-running lead managers, along with SBI subsidiary SBI Capital Markets Ltd. After its QIP in FY18, there were reports that banks were advising SBI on a ₹15,000-18,000 crore QIP in FY20; however, the lender did not eventually raise these funds. 'This time around, the bank seems to be serious in its efforts to raise capital. Given the depth of the capital markets here, they want to take advantage of it and raise money. ₹25,000 crore is huge, but I think there will be enough institutional demand for this," the second person cited above said. Apart from SBI, public sector banks including Indian Overseas Bank, Bank of Maharashtra, Central Bank of India, Punjab & Sind Bank, and Uco Bank are pursuing QIPs, Mint reported on 2 April. In 2024, QIP fundraising across sectors hit an all-time high, with 99 issues raising ₹1,41,482 crore. Read this | Sumitomo deal gives clarity on SBI's stake: Yes Bank CEO Prashant Kumar However, SBI has said that it has no immediate need for growth capital, and with a capital adequacy ratio of 14.2%, it has enough firepower to lend ₹8 trillion. Chairman C.S. Setty told analysts on 3 May that every year, the bank takes an enabling resolution to balance 'growth requirements and also the need for augmenting the CET 1 (common equity tier one) capital". 'So, we do not need immediately in terms of the CRAR (capital adequacy ratio) requirement for credit growth. But we still feel that if there is an opportunity to raise equity capital, we will definitely access the market," said Setty, adding that the timing was uncertain as it wants the 'right value". 'While we cannot time the market absolutely, we will look for an opportune moment and we always, in the beginning of the year, take an enabling resolution so that we have ample time to plan our equity raising if needed…" SBI's capital adequacy ratio stood at 14.25% as on 31 March, down three basis points (bps) from the same period last year, but was 122 bps higher than end-December. Although this was higher than the minimum regulatory requirement of 12.1%, India's largest bank lags peers in capital buffers. Private sector lender HDFC Bank has a capital adequacy ratio of 19.6%, while state-owned peer Bank of Baroda has 17.19%. Also read | SBI Q4 results: Watch for Bhushan Steel order commentary amid muted performance SBI's share in domestic deposits and loans stood at 22.6% and 19.72% as on 31 March. The bank reported a 10% drop in profit to ₹18,643 crore for the three months through March on the back of higher provisions. After remaining muted for the first few months, capital market activity picked up pace beginning May. As per news reports, around 28 bulk and block deals were executed in May, compared with just seven in April on BSE. In the broader market, 274 bulk and block deals happened in NSE 500 companies, compared to 128 in April, data from Trendlyne shows. 'Other segments, including IPOs and QIPs, have been slower over the last few months due to the correction in the market. If there is an upward movement and stability demonstrated, all equity capital market categories may eventually see upward traction," Birbahadur Sachar, partner, JSA Advocates & Solicitors, told Mint last month. And read | SBI seeks fintech partners to help customers print their own debit cards
Time of India
21-06-2025
- Politics
- Time of India
Nodal officers to be appointed in every police station to curb crime: DGP
1 2 3 4 Patna: Director general of police (DGP) Vinay Kumar said here on Saturday that at least one police officer from each police station would be made a nodal officer to work in tandem with the representatives of the gram panchayat and gram kutchahary concerned to control crime in the region effectively. Addressing a workshop on the "Role of police in the local govt", organised by the office of the chair professor of panchayati raj at Chanakya National Law University (CNLU) here, the DGP said if petty crimes are nipped in the bud at the local level, more than 80% of crimes would automatically end in the state. He requested the chair professor of panchayati raj to impart training to the inspectors and DSP-level officials regarding the effective functioning of the panchayati raj system. State panchayati raj department's director, Prashant Kumar, stressed the need for training for the elected representatives of the local govt. He said in order to strengthen the panchayati raj system, 8,093 lower division clerks are going to be appointed soon. He pointed out that any common man can lodge a case in gram kutchahary through an online portal. CNLU registrar and panchayati raj chair professor S P Singh, in his welcome address, pointed out that the panchayati raj system originated well before the independence of the country and Bihar is the first state to introduce the concept of gram katchahary under Section 49 of the Bihar Panchayati Raj Act, 1947. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like They Were So Beautiful Before; Now Look At Them; Number 10 Will Shock You Reportingly Undo Rashmi Kumari and Mithilesh Kumar Roy, representatives of the local govt, also shared their views regarding the functioning of the panchayati raj system in the state. Altogether, 120 representatives of the local govt attended the workshop. CNLU teacher Pratyush Kaushik conducted the workshop. Bihar Sarpanch Association's president Amod Kumar Nirala proposed a vote of thanks.
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Business Standard
20-06-2025
- Business
- Business Standard
Yes Bank extends CEO's tenure by 6 months: Move to help SMBC steer strategy
The six-month extension given to Yes Bank chief Prashant Kumar aims to give incoming shareholder, Sumitomo Mitsui Banking Corporation (SMBC), room to decide the lender's leadership and strategy once the ownership changes, said industry insiders. The private-sector lender last week told exchanges the Reserve Bank of India (RBI) had approved Kumar's extension as managing director (MD) and chief executive officer (CEO) till October 6. However, Yes Bank did not say how long an extension it had sought for Kumar. Kumar has led the bank since its reconstruction in March 2020. He was first appointed the bank's administrator and later made the MD & CEO. Before that, he was deputy MD and chief financial officer of State Bank of India (SBI). Kumar received his first extension as Yes Bank MD & CEO in October 2022 for a three-year period. ALSO READ: RBI gives Yes Bank MD & CEO Prashant Kumar 6-month extension: Lender After SMBC announced that it will buy a 20 per cent stake in the private lender from SBI and others, reports said that Yes Bank's board is considering appointing a new MD & CEO and has engaged a headhunting agency to assist in the search. (SBI and other lenders had chipped in to reconstruct Yes Bank for over Rs 13,000 crore.) Kumar, over five years, has shifted the bank's focus from 'affluent' to 'mass affluent' customers and transformed its corporate-heavy book into largely retail, including MSME. Retail and SME books together constitute 60 per cent of its total loan book, compared to 36 per cent in March 2020. The bank's asset quality has improved with gross non-performing assets at 1.6 per cent at the end of March 2025, compared to almost 17 per cent at the end of March 2020. 'We are talking about the next five years because we have made the balance sheet strong enough, where the future earnings are not going to be impacted because of any past impact,' Kumar told 'Business Standard' last month. The RBI is allowing leeway for new shareholders to take their call about the bank's management, according to Abizer Diwanji, founder of NeoStrat Advisors LLP. The expectation seems to be that regulatory approvals will be secured in six months, allowing the new ownership (along with their representatives on the bank's board) to decide the bank's leadership. 'Under Kumar, the bank's retail strategy is yet to play out well. The cost-to-income ratio remains elevated, highlighting the need for more corrective measures on the retail front. Additionally, priority sector lending obligations have put pressure on margins, and key metrics like return on assets (RoA) and return on investment have shown limited improvement. That said, Kumar's conservative approach has helped keep asset quality at a manageable level,' said Diwanji. The bank aims to have a RoA of 1 per cent by FY27. In FY25, the RoA was at 0.6 per cent. It hopes to reach 1.5 per cent RoA in the next four-five years, Kumar had said previously. 'The bank has performed reasonably well, with shareholders — including SBI and other private sector banks — doubling their investment over the past five years. The six-month extension granted to the current MD & CEO provides flexibility to the new shareholder, SMBC, to decide on the leadership that will drive their strategic vision for the bank going forward,' said an industry expert, who did not wish to be named. 'Therefore, the shorter extension for the incumbent MD & CEO is likely not a reflection of performance, but rather a move to allow the new stakeholder greater flexibility in shaping the bank's future,' said the expert.
