YES Bank share was trading 4.4% higher in Wednesday's session, ranking among the most active banking scrips in terms of volumes on BSE and NSE today.
The stock of the private lender opened at Rs 15.75 as against its previous close of Rs 15.65 and touched the day's high of Rs 16.35, rising 4.4% intraday. The stock also hit an intraday low of Rs 15.70. The share has risen 2.88% in the last 2 days.
YES Bank stock trades higher than 5 and 100-day moving averages but lower than 20, 50 and 200-day moving averages.
The share has risen 1% in one week. However, it has fallen 6% in a month. Year-to-date, the stock is down 10%. Share of the private lender has fallen 54% in one year.
Market capitalisation of the lender rose to Rs 0.40 lakh crore. The stock has touched a 52-week high of Rs 87.95 and a 52-week low of Rs 5.55.
In terms of brokerage views, Emkay Research gave a 'Sell' rating to the stock and set a target price of Rs 11 for the share, given sub-par return ratios and unfavourable risk-reward with higher valuations.
"We believe that the transfer of NPAs to a separate ARC (somewhat similar to IDBI in 2003) probably means window dressing standalone bank B/sheet,but we need to see the extent of hair-cuts, structure of ARC and recovery record in the ARC, which is not inspiring in case of IDBI SASF," Emkay Research said in its report.
Similarly, ICICI Securities said in a recent note that YES Bank's December-quarter earnings have aggravated fears of its asset quality issues and gave a "hold" rating on the stock with a revised price target of Rs 16.
"The portfolio vulnerability becomes visible from, a spike in standstill non-performing loans or NPLs (from 1.5% to 5%), SMA-2 pool (from 2.4% to 4%), SMA-1 (from 1.6% to 7.3), and additional restructuring outside of this pool at 3.2% over and above the labelled non-performing assets at 22%," it added.
Brokerage house Geojit, as well as BNP Paribas, have a sell rating for the stock and reduced its TP. Nirmal Bang also continues to maintain a negative outlook on the bank and values the stock at Rs 13, based on 1.0x FY23E ABV.
The free-fall in YES Bank's stock to double-digit figures was on the back of corporate governance lapses and under-reporting of NPAs. This led to the placement of the lender under a moratorium by the central bank last year. A consortium of lenders led by the country's largest lender- State Bank of India infused money into the bank to bail it out from deteriorating financial health.