YES Bank shares gain 1.3 per cent after Q4 advance tax payments

YES Bank shares edged higher by 1.3 per cent at the domestic bourses on Monday on the back of advance tax payments.

The private sector lender has paid Rs 260 crore ($41.3 million) as advance taxes for the Jan-March quarter of 2014-15 as against Rs 200 crore in Q4 of FY15, a source at YES Bank told Reuters.

Analysts use tax numbers to reverse-calculate profit before taxes.

Citigroup had upgraded YES Bank's stock to "buy" from "neutral" last week.

According to Reuters data, the YES Bank scrip trades at a 12-month forward price-to-book of 1.5 times as against 2.7 times for its larger rivals.

The bank's shares were trading at Rs 811.55 apiece, up 8.35 points (or 1.04 per cent) on the Bombay Stock Exchange at 11:43 am.

On the National Stock Exchange, the scrip was trading 8.85 points (or 1.10 per cent) higher, at Rs 812.20 per share.

(Reuters)