Stock watch: Yes bank

Newly listed private sector Yes Bank has been witnessing concentrated buying of late.

The stock in the last one week has appreciated nearly 15 per cent from Rs 62 to Tuesday's close of Rs 71.45. In intra-day trades on Tuesday, the stock had hit a new 52-week high of Rs 74.40.

Market sources said, the counter has been witnessing concentrated buying of late in anticipation of strong quarterly results. A staggering 1.12 crore shares changed hands at the counter on BSE on Tuesday.

Yes Bank on Tuesday reported a net profit of Rs 11.25 crore for the quarter ended June 30 compared with Rs 0.94 crore in the previous quarter of 2005. Total income grew by 82 per cent to Rs 32.38 crore from Rs 17.79 crore in the March quarter. The net interest margin for the quarter improved to 3.5 per cent from 2.8 per cent during the same period.

"The company is expected to maintain the growth momentum during the next couple of quarters. The counter has already started attracting buying interest of late, said a head of research with a domestic broking firm. Yes Bank got listed at Rs 65 on BSE on July 12. The bank came out with its maiden initial public offering (IPO) of 7 crore equity shares in June 2005.