Sensex falls over 150 pts, Nifty below 9200; Infosys volatile

Epic Update Infosys
Epic Update Infosys

Yes Bank share price continued to hit fresh record high, up 1.25 percent intraday at Rs 1,634 as CLSA raised profit estimates by 6-7 percent and target price to Rs 1,920 (from Rs 1,780 earlier) after its recent fund raising.

With maintaining buy rating on the stock, the brokerage house says the recent capital raise of USD 750 million will drive 6-7 percent upside to FY18-19 profit estimates, but rise in shares will limit upside to EPS and return on equity may compress a bit as balance sheet is under-leveraged.

Over FY16-19, the research house expects Yes Bank to deliver 27 percent profit/23 percent EPS CAGR led by topline growth and steady asset quality.

Benchmark indices extended losses again, with the Sensex falling 178.59 points to 29609.76 and the Nifty down 47.15 points at 9189.85. Investors maintained cautious stance ahead of earnings season that will kick off by Infosys on Thursday.
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