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Yes! Some rake in the moolah in Bank debacle | Kolkata News

researchsnappy by researchsnappy
March 15, 2020
in Investment Research
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Yes! Some rake in the moolah in Bank debacle | Kolkata News
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Kolkata: The Yes Bank debacle may have turned out to be a nightmare for customers but there are a lucky few in Kolkata who have made handsome gains from the bank stock over the last seven days. Yes Bank stock price had plunged to Rs 5.65 on March 6 but since then, it has recovered following the RBI decision to supersede the bank’s board.
However, the Centre has put a curb on windfall from Yes Bank by putting a lock-in of three years on shares as part of the restructuring scheme. There is a lock-in on sales of Yes Bank shares beyond 100.
Suresh Lakhotia (name changed), a trader, has already made over Rs 10 lakh in last five days and is hoping to garner more. “Actually, I could have made a crore this week if the trading in Yes Bank was allowed in normal category. But most of the big broking houses has put Yes Bank on cash-and-carry segment following their experience in DHFL. So I could not take as much exposure as I wanted,” he explained.
Cash-and-carry is a mechanism broking houses and sometimes even exchanges inroduce in some stocks where there is extreme volatility. In such cases, a trader or investor has to pay the full amount immediately for the stock he is purchasing. In normal case, if someone buys a stock, settlement is done as per T+2 mechanism, which means payment is made in the third day of purchase.
Rupa Biswas, a homemaker whose past time is to make investment in stock from her savings, had made Rs 20,000-25,000 from Yes Bank stocks in last four days. “I bought Yes Bank through my broker for Rs 11-Rs 11.30 and sold it on Wednesday in late trading session for around Rs 27-28. I still have some stocks of the bank which I feel would go up,” she added. Partha Roy, a businessman and Swarup Biswas, who is in insurance company, felt the price would go up further.
Parash Bothra, president (equity research) of Ashika Stock Broking, admitted that there is a lot of retail interest in Yes Bank stock. “In last few days, some people have made good money but I feel people should invest in stable banks for medium to long-term gains,” he said.
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