YES Bank Sees a Surge in Share Price Amid Sale of NPAs

YES Bank Sees a Surge in Share Price Amid Sale of NPAs

VoM News Desk | December 12, 2023 | 03:08 PM IST | Breaking News | Follow on Google News

YES Bank Sees a Surge in Share Price Amid Sale of NPAs Image/Mint

YES Bank Sees a Surge in Share Price Amid Sale of NPAs

YES Bank witnessed a significant surge of over 7% in its share price during morning trading on BSE on Tuesday, following reports suggesting that the bank has initiated the process of selling Non-Performing Assets (NPAs) worth ₹4,234 crore.

As per The Hindu Businessline’s report, YES Bank has sought expressions of interest (EoI) for the proposed sale, specifically targeting corporate NPAs valued at ₹3,092 crore. This amount encompasses fund-based outstanding of ₹3,073.66 crore and non-fund-based outstanding of ₹17.83 crore, as of October 31, 2023.

The share price of YES Bank opened at ₹20.46, rose by 7.11%, reaching an intraday high of ₹21.70, and was up by 5.77% at ₹21.43 around 11:50 am. The bank previously achieved its 52-week high of ₹24.75 on December 14, 2022, and hit a low of ₹14.10 on October 23, 2023. Over the last month and a half, the stock has risen by 54%, yet it remains 14% below its 52-week high.

Technical indicators for the stock are showing positive signals. Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, highlighted that YES Bank’s stock recently displayed a higher bottom formation pattern on the daily chart, indicating support around ₹19 and breaking out above ₹21.20 with good volume participation, enhancing its positive bias. Koothupalakkal suggested a potential target near ₹24.50, highlighting the maintained support near ₹19 for long positions.

Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, noted that YES Bank’s share price surpassed its previous swing with substantial volume and continued to sustain above it. Patel indicated a bullish bias based on daily DMI and RSI indicators, suggesting a buying range of ₹21–22, targeting ₹26, and setting a stop loss at ₹19 on a daily close basis.

The news of YES Bank’s NPA sale appears to have generated positive momentum, leading to optimism among technical analysts, who view the current juncture as an opportune moment to consider investments in the bank’s stock.

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VoM News Desk

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