YES Bank stock hits 52-week high on rating upgrade

Shares of YES Bank rose 11% today after Care Ratings upgraded the lender's credit rating. Care Ratings revised the ratings for its infrastructure bonds worth Rs 5,000 crore by a notch to 'BBB+' with a positive outlook, from 'BBB' with the same outlook earlier.

The ratings for the lender's lower Tier II Bonds and Tier II Bonds (Base III) have also been upgraded by the agency, the lender said. The rating for Upper Tier II bonds has also been revised to 'BB+' with a positive outlook.

YES Bank stock climbed 10.61% to a fresh 52-week high of Rs 16.25 against the previous close of Rs 14.69 on BSE. The stock has gained 19.51% in the last two sessions.

YES Bank stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has lost 0.9% in a year and risen 13% in 2022. In a week, the share has gained 25.79%.

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Total 795.80 lakh shares of the firm changed hands amounting to a turnover of Rs 123.73 crore on BSE.

Market cap of the firm rose to Rs 38,609 crore. The stock hit a 52 week low of Rs 10.51 on August 23, 2021. At 2:49 pm, the stock was trading 4.83% higher at Rs 15.40 on BSE.

Pavitraa Shetty, Co-founder & Trainer, Tips2Trades said, "Due to a recent ratings upgrade by CARE & expectations of stability in the forthcoming results has led to YES Bank rallying to a one-year high. Technically, the stock looks overbought and investors are advised to book partial profits at current levels. Re-entry can be thought about only near levels closer to 12."

The lender reported a 76.78% rise in net profit at Rs 266.43 crore in Q3 of last fiscal against Rs 150.71 crore profit in Q3 of FY21. Interest earned fell 8% to Rs 4,898.31 crore in Q3 of last fiscal against Rs 5,321 crore in the December quarter of FY21.

YES Bank said its net advances grew by 8.8 per cent to Rs 181,508 crore in the fiscal ended March 31, 2022. The bank's net advances stood at Rs 166,893 crore in the previous fiscal ended March 2021. Of the net advances during FY22, the gross retail disbursements stood at 10,324 crore, Yes Bank said.

Deposits during the fiscal rose 21.1 per cent to Rs 197,281 crore as against Rs 162,947 crore in FY21.

The credit to deposit ratio stood at 92 per cent as of March 31, 2022, compared to 102.4 per cent a year ago.

The bank added the data is provisional and it is being released ahead of the official announcement of financial results for the period ended March 2022.