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Share Market LIVE: Yes Bank shares down ahead of Q2 results; Sensex inches higher

The Financial Express logo The Financial Express 01-11-2019 FE Online

Shares of private sector lender Yes Bank were trading lower on Friday morning, ahead of its Q2 results. Yes Bank shares were down abut 3% to Rs 68.93 on BSE.

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Yesterday, the firm said that it has received a binding offer for $1.2 billion capital infusion. Global brokerage firm Morgan Stanley said that it has maintained an underweight rating on Yes Bank shares, despite the billion dollar investment, as the lender has a very high exposure to stressed sector.

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Yesterday, Yes Bank share price surged 38 per cent after the private lender announced that it has received a binding offer from a global investor.

The stock touched an intraday high of Rs 78.70 from the previous close after the announcement of an offer from a global investor for an investment of $ 1.2 billion through fresh issuance of equity shares. The bank also said it was in advanced talks with other investors. The headline Sensex and Nifty inched higher on Friday morning, tracking weak domestic and global cues.

The Sensex was up about 100 points to 40,257, while the Nifty was trading neat the 11,900-mark. The output of eight core industries in September contracted to a low of (-) 5.2 per cent, due to a decline in output of coal, crude oil, natural gas, cement, and electricity, according to government data released on Thursday. 

The core sector growth recorded negative growth of 5.2 per cent from 0.5 per cent in August, it added. Production of seven sectors of coal, crude oil, natural gas, refinery products, cement, steel, and electricity contracted in September. We bring to you LIVE updates.

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