Yes Bank Shares Rally Continues for Second Consecutive Day

Yes Bank Shares Rally Continues for Second Consecutive Day

VoM News Desk | November 15, 2023 | 10:32 AM IST | Breaking News | Follow on Google News

Yes Bank Shares Rally Continues for Second Consecutive Day

Yes Bank Shares Rally Continues for Second Consecutive Day

Yes Bank’s stock price extended its upward trend for the second consecutive day, opening with a positive gap at ₹19.65 per share on the National Stock Exchange (NSE). The momentum sustained shortly after the opening bell, with the bank’s shares reaching an intraday high of ₹20.60, marking an over 12 percent increase in just two days.

Stock Performance Overview

The rally follows a previous closure at ₹18.30 per share on Friday. Despite a flat opening on Monday, Yes Bank shares experienced a sharp surge in the second half, closing nearly 6 percent higher than the previous closing price. This recent upward movement in Yes Bank’s share price is attributed to positive developments in its Non-Performing Asset (NPA) portfolio.

Key Factors Influencing Yes Bank’s Share Price

Market experts point to Yes Bank’s recent announcement to Indian stock exchanges about receiving ₹120 crore from the sale of its NPA portfolio to JC Flowers Asset Reconstruction Company (ARC). This development, initially informed in December of the previous year, has been a significant factor driving the bank’s share price upward.

Experts’ View and Future Predictions

Avinash Gorakshkar, Head of Research at Profitmart Securities, commented on the rise, stating that the redemption amount receipt from the NPA portfolio sale has positively influenced Yes Bank’s share price. Meanwhile, Sumeet Bagadia, Executive Director at Choice Broking, provided a more specific outlook, suggesting that if Yes Bank shares break the upper limit of ₹22 per share on a closing basis, they could potentially reach around ₹25 in the near term. He recommends current shareholders to maintain their position with a stop loss at ₹18.

Investment Strategies for Investors

For fresh investors interested in Yes Bank shares, Bagadia advises adopting a ‘buy on dips’ strategy, especially while the stock price stays above the ₹18.30 mark. This approach involves purchasing shares when their prices drop, assuming a potential for future gains.

VoM News Desk

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