Stock market analyst Hitendra Vasudeo of stockmechanics.com maintained ‘Buy’ rating on Yes Bank to achieve an intraday target of Rs 157.

According to Mr. Vasudeo, interested traders can buy the stock around Rs 149.30-Rs 143.10 with a strict stop loss of Rs 141.

Mr. Vasudeo also said that if the stock market remains on the positive track, the stock will hit another target of Rs 172 in today’s session.

The shares of the company, on Monday (June 29) closed at Rs 151.35 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 10.23 & 14.45 respectively. The share price has seen a 52-week high of Rs 155.40 and a low of Rs 40.80 on BSE.

Yes Bank, on June 20, said that it is employing 900 people, comprising 500 experts, by the next nine months to drive growth in six key segments.

Mr. Rana Kapoor, Yes Bank managing director and CEO, stated that the bank would be adding 500 managerial employees somewhere between now and September 2009.

The hiring is in proportion to the expansion plan for the next six years, he said, adding that Yes Bank is considering year-on-year balance sheet growth of 40%.

The bank has identified six key industries as future growth drivers.

Yes Bank, on June 15, said it will list up $400 million by means of equity via a follow-on public offer and debt.
 
It said that they are considering growth of up to 45% on a year-to-year basis.

In the first part, the bank is likely to hit the bond market to lift up $150 million by 2009-end or the early next fiscal and the second capital raising event would be a follow-on public offer of up to USD 250 million.