Why is Yes Bank stock gaining when the markets are in red?

Shares of Yes Bank gained 4.5% today after the company reported 28.1% rise in net profit for the March quarter and on fund raising plans.

Yes Bank's stock rose by 4.46% to Rs 831.25 on the BSE.

At the NSE, it gained 4.49% to Rs 831.80.

Country's fifth-largest private sector lender Yes Bank is looking at raising $1 billion by selling shares in local and overseas markets.

The bank, which was founded in 2004, said the share sale could happen in one or more tranches.

It had raised $500 million from a stock sale last May.

In a stock exchange filing yesterday, Yes Bank said its board of directors in a meeting "empowered the Capital Raising Committee, a sub Committee of the Board, to raise funds by way of issuance of equity capital up to USD 1 billion in one or more tranches on such terms and conditions as it may deem fit."

Yes Bank has reported 28.1% rise in net profit at Rs 551 crore for the March quarter on higher interest income and a healthy growth in retail and SME advances.

Total income has increased from Rs 3,013.57 crore for the quarter to Rs 3,678.83 crore.