Yes Bank gains after partnering with Ola to set up mobile ATMs

Yes Bank rose 0.96% to Rs 1,161 at 13:00 IST on BSE after the bank announced that it partnered with Ola to set up mobile ATMs in ten cities.

The announcement was made during market hours today, 5 December 2016.

Meanwhile, the BSE Sensex was down 84.55 points, or 0.32%, to 26,146.11.

On the BSE, 29,475 shares were so far traded in the counter, compared with average daily volume of 3.34 lakh shares in the past one quarter. The stock had hit a high of Rs 1,170 and a low of Rs 1,150.10 so far during the day. The stock had hit a record high of Rs 1,450 on 7 September 2016. The stock had hit a 52-week low of Rs 632.25 on 20 January 2016.

The stock had underperformed the market over the past one month till 2 December 2016, falling 5.02% compared with Sensex's 4.71% fall. The scrip had also underperformed the market in past one quarter, declining 17.12% as against Sensex's 8.07% drop.

The large-cap private sector bank has equity capital of Rs 422.75 crore. Face value per share is Rs 10.

Yes Bank said that it has partnered with Ola, India's most popular mobile app for transportation, to set up mobile automated teller machines (ATMs) and enable convenient cash withdrawals for citizens by any bank's debit cards.

The service will be made available in over 30 locations across ten cities including, Mumbai, Delhi, Bangalore, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad and Jaipur. The withdrawal is enabled using point of sale machines available in Ola cabs stationed near Yes Bank branches across various locations in these cities.

The partnership is done to ease the process of cash withdrawals and provide seamless service to the customers with additional mobile infrastructure powered by Ola.

Yes Bank reported 31.3% rise in net profit to Rs 801.54 crore on 24.7% rise in total income to Rs 4982.23 crore in Q2 September 2016 over Q2 September 2015.

Yes Bank is one of the leading private sector banks in India.

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