Yes Bank shares cheer New Year after receipt of ₹150 crore from NPA portfolio sale. Experts see more upside
Stock market today: Yes Bank shares witnessed buying interest in early morning deals of first trade session of the new year 2024. In morning deals, Yes Bank share price opened upside and went on to touch intraday high of ₹22.10 apiece levels on NSE, just 4 per cent away from 52-week high of ₹23.05 per share.
According to stock market experts, Yes Bank share price today witnessed upside movement after the private lender’s declaration to receive ₹150 crore from a single trust in Security Receipts Portfolio after NPA portfolio sale. They said that Yes Bank shares may continue to trade positive and go up to ₹26 apiece levels in short term and advised Yes Bank shareholders to hold the scrip with trailing stop loss at ₹19 apiece levels.
Why Yes Bank share price is skyrocketing?
On triggers that fueled Yes Bank share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Yes Bank shares are rising today as market has gone bullish on the scrip after private lender’s declaration to receive ₹150 crore from single trust after bad loan sale. Market is expecting that amount received would benefit private lender and its margins as more receipt are expected afte NPA portfolio sale to JC Flowers ARC.”
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Expecting further rally in Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares are looking positive on chart pattern and it may soon go up to ₹26 apiece levels, once it closes above ₹22. So, those who have Yes Bank shares in stock portfolio, should further hold the scrip maintaining stop loss at ₹19.”
On suggestion to fresh investors, Sumeet Bagadia said, “Fresh investors can maintain buy on dips strategy maintaining stop loss at ₹19 keeping short term target of ₹26 in focus.”
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Yes Bank news
Yes Bank informed Indian stock market exchanges on Sunday about receipt of ₹150 crore from single trust saying, “This is with reference to our earlier disclosure pertaining to Sale of NPA Portfolio to JC Flowers ARC on December 17, 2022. In this regard, the Bank would like to inform that it has received ~INR 150 crores from a single trust in the Security Receipts Portfolio. Since this amount (in excess of the underlying carrying value of the trust), is more than the materiality threshold as prescribed under the amended Listing Regulations, the said event, is being hereby disclosed under Regulations 30 of Listing Regulations.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Published: 01 Jan 2024, 10:06 AM IST
