Stock market today: Yes Bank shares witnessed buying interest in early morning deals in the first trading session of the new year 2024. In morning deals, the Yes Bank share price opened and continued to touch an intraday high of ₹22.10 po levels on NSE, which is just 4 percent away from 52-week high of ₹23.05 per share.
According to stock market experts, the share price of Yes Bank today witnessed an upward movement following the announcement by the private lender to receive ₹150 crore from a single trust in Security Receipts Portfolio after NPA paper sale. They said Yes Bank stock may continue to trade positively and move up ₹26 per level soon and advised Yes Bank shareholders to hold the share with a trailing stop loss at ₹19 per level.
Why is Yes Bank’s share price rising?
On triggers that drove Yes Bank’s share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Yes Bank’s shares are rising today as the market rallied on the note following the private lender’s statement to receive. ₹150 crore from a single trust after a bad loan sale. Market expects that amount received would benefit private lender and its margins as more receipt is expected after NPA portfolio sale to JC Flowers ARC.”
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Expecting further rally in Yes Bank stock, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank stock looks positive as per chart and it may soon go up to. ₹26 per level, after it closes at the top ₹22. So, those who have Yes Bank shares in share portfolio should further hold the scrip by keeping a stop loss at ₹19.”
In a suggestion to fresh investors, Sumeet Bagadia said, “Fresh investors can maintain a buy on dips strategy by keeping a stop loss at ₹19 holding a short-term goal of ₹26 in focus.”
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Yes Banking news
Yes Bank informed Indian stock markets on Sunday of receipt of ₹150 crore from a single trust saying, “This is in reference to our earlier disclosure of Sale of NPA Assets to JC Flowers ARC on December 17, 2022. In this regard, the Bank would like to inform that it has received ~ INR 150 crore . of a single trust in the Security Receipt. As this amount (more than the underlying book value of the trust), is more than the materiality threshold as prescribed under the amended Listing Regulations, the said event, is hereby disclosed according to Regulations. 30 of List Regulations.”
Disclaimer: The views and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decision.
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Published: 01 Jan 2024, 10:06 IST