YES Bank stock was trading up 2.8% despite Monday’s bearish session, ranking among the most active bank scripts by volume on BSE and ESN today. The lender’s board is expected to consider raising funds at its January 22 meeting. The bank is also expected to report its December quarter results on the same day.
The rise also came after brokerage firm Jefferies said in a report that the Piramal group had obtained creditors’ approval to take over loans from DHFL, was a “marginally positive” result for banks with exposure to DHFL, including Bank of India, Canara. Bank and Union Bank of India and private sector lenders such as YES Bank.
“There may be a risk of litigation from the co-bidders as some offer higher value. The deal can lead to a 40% payback,” he added.
The private lender’s stock opened up to Rs 18.10 from its previous close of Rs 17.65. The stock gained 2.8% to hit the day’s high of Rs 18.15 on BSE. The stock also hit an intraday low of Rs 17.45.
Meanwhile, the BSE Banking and Financial Index was down 0.40%, in line with the larger Sensex and Nifty indices which fell more than 6.5% today.
YES Bank stocks are trading above the 50 and 100 day moving averages, but below the 5, 20, 200 day moving averages.
The stock fell 0.84% last week and more than 5% in one month. Since the start of the year, the stock has fallen 0.3%.
Earlier this month, YES Bank, among other listed companies, was reclassified to large-cap stocks in the Association of Mutual Funds in India (AMFI) semi-annual review, which will be effective for the period of February to July 2021.
The lender’s market cap stood at Rs 44,723.01 crore at today’s meeting. The stock hit a 52-week high of Rs 87.95 and a 52-week low of Rs 5.55. The share of the private lender with a face value of Rs 2 fell 54% in one year.
On a technical level, the YES Bank share has just managed to stay in double digits and has been in a slightly bearish range since last year. The stock shows buying interest in the range of Rs 17-18 on a weekly basis compared to the previous range of Rs 11-15.
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