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With the beginning of the earnings season, we expect volatility to inch higher on the stock-specific front as well. Amid all, it is prudent to remain extra cautious in the selection of sectors and stocks for short-term trades and limit naked leveraged positions, said Ajit Mishra, VP Research, Religare Broking. Investors, on the other hand, shouldn’t worry about the intermediate corrective phase and focus on the earnings season for cues, he added.
In the BSE 500 index, 280 stocks ended the week on a positive note while the rest closed with cuts. Over two dozen counters registered double-digits gain during the week.
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Synopsis
Yes Bank aims to cut expenses by more than 20% by relocating its offices from the central business district to new locations to rationalise cost, people in the know said.
Agencies
Private lender
Yes Bank will give up its entire leased space in Indiabulls Finance Centre in central Mumbai and occupy the erstwhile Anil Dhirubhai Ambani Group headquarters at Santacruz as early as next week, bringing down its operational and rental costs substantially.
“It will be a lock-stock-barrel move out of the Indiabulls-owned building… This will save the lender at least a few hundred crores in annual rent,” an industry official aware of the development told ET. “It’s also renegotiating rent and shutting several branches to substantially reduce operational expenses.”