Most of the private bank stocks are trading in negative led by ING Vysya Bank and Indusind Bank. Development Credit Bank and City Union Bank are among the few stocks trading positive. As per a leading financial daily, Yes Bank plans to raise $ 500 m in this year. The banks's fund raising proposal has received shareholder's approval in the Annual General Meeting. As per the bank, the funds would be raised through global depository receipts (GDR's) in combination with qualified institutional placement (QIP) and domestic institutional investors (DII's). At the end of March 2013, promoters held 25.7% share whereas financial institutional investors (FII's) and DII's held 48.9% and 13.2% stakes, respectively. Yes Bank stock is currently down 1.5%.
Most of the telecom stocks are trading are in red with Reliance communications and Bharti airtel being among the top losers. As per the financial daily, India's third largest telecom service provider (based on number of subscribers) has signed multi-year contract with Syniverse Technologies for mobile number portability (MNP) provider for north and west zones in India. Through this service, Idea will be tabulating voice and data records for its customers travelling overseas.
Syniverse will offer solutions for data clearing, financial clearing and fraud prevention. This move by Idea will help in bringing down the bill shock for the customers and would further fasten the bill clearance process. Reportedly, as per the managing director of Syniverse, data clearing would ensure big volumes of incoming roaming data get efficiently processed. Further, through financial clearance the settlements will allow cleaner settlements between the operator and its roaming partner. Syniverse offers services that are near real time roaming data exchange platform. This in turn gives immediate access to critical information needed to overcome roaming fraud.