te Yes Bank share price has jumped 14% in just 5 days! We explain why this stock has stayed in the news | Zee Business

Yes Bank share price has jumped 14% in just 5 days! We explain why this stock has stayed in the news

After being included in MSCI list, the stock has seen some good traction. There was some pressure on the stock in morning after a bulk deal but again saw buying at lower levels and moved strongly after that. The stock has risen 14% in just the last 5 trading sessions

Yes Bank share price has jumped 14% in just 5 days! We explain why this stock has stayed in the news
The stock was up on this news as there could be fresh buying of around Rs 1400 cr in this stock from FII’s: Zee Business

Yes Bank has shown a good up-move in the past few sessions. Notably, this private banking stock didn’t participate in the Banking rally. After being included in MSCI list, the stock has seen some good traction. There was some pressure on the stock in morning after a bulk deal but again saw buying at lower levels and moved strongly after that. The stock has risen 14% in just the last 5 trading sessions. 

Pooja Tripathi, Research Analyst with Zee Business highlights 3 main reasons behind strong up move in Yes Bank.  

1) CARE rating has given an upgrade to the Bank, ratings of Rs 5000 Infra Bond has been upgraded. The rating has been increased to ‘BBB 'from ‘B’ with a stable outlook. Bonds of Yes Bank have been removed from credit watchlist. Yes Bank share hits upper circuit after this news.

2) Market was surprised to see Yes Bank included in MSCI Index. Investors were glad to see Yes Bank included in MSCI list. The stock was up on this news as there could be fresh buying of around Rs 1400 cr in this stock from FII’s.  
 
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3) Fundamentals of the company are extremely strong after they received the bailout package from India’s largest PSU Bank, SBI (State Bank of India). Deposits have grown by 29% in past 6 months, management has indicated deposit growth could be around 50% going forward in future.  This indicates liquidity position of Yes Bank is only going to improve from here on. Q2 results have seen Rs 900 cr recovery for Yes Bank and they have reduced lending in stressed corporate space.  

This shows that the fundamentals of the bank are strong, asset quality is also improving and the difficulties that the bank has been facing for past 6 months seem to be easing. 

 

Reported By: ZeeBiz WebTeam
Written By: Rahul Kamdar
Edited By: Harish Dugh
Updated: Thu, Nov 12, 2020
06:01 pm
Mumbai, ZeeBiz WebDesk
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