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YES Bank share rises 2.5%, here's why

YES Bank stock is trading higher than 20, 50 and 100-day moving averages but lower than 5, 200-day moving averages

twitter-logoBusinessToday.In | January 6, 2021 | Updated 13:36 IST
YES Bank share rises 2.5%, here's why
The stock gained 2.5% to hit the day's high of Rs 18.40 on BSE. The stock also hit an intraday low of Rs 18 during early trade

After three days of consecutive fall, YES Bank shares were trading 2.5% higher on Wednesday morning, as the lender along with five other companies was included in the large-cap stock category by the Association of Mutual Funds in India (Amfi) in its semi-annual review.

The changes will be effective for the February-July period in 2021.

The other five stocks which have joined the large-cap club are Gland Pharma Ltd, Adani Enterprises Ltd, PI Industries Ltd, Jubilant Foodworks Ltd and Hindustan Agro.

Stock of the private lender opened higher at Rs 18.25 against its previous close of Rs 17.95 today. The stock gained 2.5% to hit the day's high of Rs 18.40 on BSE. The stock also hit an intraday low of Rs 18 during early trade.

YES Bank stock is trading higher than 20, 50 and 100-day moving averages but lower than 5, 200-day moving averages.

The stock rose 2% in last week when brokerage Edelweiss Securities said it believed that YES Bank among other listed companies may be re-classified as large-cap stocks in the semi-annual Association of Mutual Funds in India (AMFI) review later.

The stock has risen over 18% in a month amid rise in the private banking index and broader indices Sensex and Nifty, which have been hitting record highs. Meanwhile, Sensex has gained 7% during the same period.

Market capitalisation of the lender stood at Rs 45,474.65 crore as of today's session. The stock has touched a 52 week high of Rs 87.95 and a 52-week low of Rs 5.55. Share of the private lender, with Rs 2 face value has fallen 59% in one year.

Securities and Exchange Board of India (Sebi) in 2017, defined large-cap, mid-cap and small-cap companies, and asked AMFI to prepare list of stocks in these baskets.

In its regulatory filing on January 4, YES Bank announced that it has registered 1.3% growth on a sequential basis in loans and advances to Rs 1.69 lakh crore during the December quarter. Lender's deposits grew 7.7% to Rs 1.46 lakh crore in the quarter, compared to Rs 1.36 lakh crore in the September quarter.

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