This bank can make you richer; here is how

Gill was the number 1 priority candidate in the submissions made by the Bank to RBI on January 10, 2019, current chief and co-founder Rana Kapoor revealed. He will take charge in Yes Bank from March 2019.

Representational Image: Photo: PTI

If you have money to invest and want some hefty gains, then do some homework and see how you can benefit in a major way by taking positive action. Benchmark indices Sensex and Nifty 50 were trading on positive note on Friday's trading session. Interestingly, it was Yes Bank share price that was powering the indices as it turned into an investors favorite. Investors faith in Yes Bank was such that the bank has gained by over 10% and that too in just a few hours. At around 1136 hours, Yes Bank was trading at Rs 226.55 per piece down by Rs 12.70 or 5.94% on BSE. Yes Bank even touched an intraday high of Rs 236.60 per piece, which meant an overall surge of 10.49%. Reason behind Yes Bank upward trend is the momentous announcement of new CEO's name. Yes Bank has appointed Ravneet Gill as the new chief - he is the CEO of another private lender, Duetsche Bank India.

Gill was the number 1 priority candidate in the submissions made by the Bank to RBI on January 10, 2019, current chief and co-founder Rana Kapoor revealed. He will take charge in Yes Bank from March 2019.

While Gill will take charge of Yes Bank from March 01, this would also be the end of Rana Kapoor's era in the bank as CEO.

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What is in it - Ravneet Gill appointment as CEO of Yes Bank - for you?

Analysts are very optimistic on Yes Bank share price following the new CEO's appointment. If you buy Yes Bank stock now, then you can expect to bag some hefty returns.

Chandan Taparia, Derivative and Technical Analyst at Motilal Oswal told Zee Business Online, "The Yes Bank shares can see some positive movement after the appointment of new CEO. However, the scrip will see a strong resistance at Rs 235-240 levels. So, a trader can take a buy position maintaining a stop loss below Rs 200 levels and book profit once it reaches the levels of Rs 235 to Rs 240 levels."

Mustafa Nadeem, CEO, Epic Research said, "The stock saw a huge upside move in last hours of the session as the Bank Named the current Deutsche India head, Mr. Gill as CEO and MD. The results were as well out post-market with an increase in Net NPA of 1.18% vs 0.93%. The numbers also posted growth in NII of 41.2% Y/Y to rs 2664 CR. The net profit saw a plunge of 7% to 1001 Crore."

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Nadeem added, "We initially do have to see results reaction on Friday morning trade while the price structure still looks bullish as a trend on the upside may continue. We have been bullish in this stock from lower levels of 165 - 170."

As for now, Nadeem said, "we believe prices have appreciated almost 25%. In the short term, we believe upside is expected to expand to higher levels of 245 - 252. Though 190 is very crucial support for this trend to sustain."

During Q3FY19 result, Yes Bank posted a 41.2% growth in Net Interest Income (NII) to Rs 2,666.4 crore. Whereas its NIM also stood stable at 3.3%. Meanwhile, net profit of the bank stood at Rs 1,001.8 Crores increase of 3.9% sequentially despite the accelerated provisions.

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