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YES Bank share rises over 3%, here's why

Edelweiss believes that Yes Bank that belongs in the mid-cap category currently, will move from midcap to the large-cap category in the new list of large, mid, and small-caps by AMFI

twitter-logoBusinessToday.In | December 28, 2020 | Updated 15:26 IST
YES Bank share rises over 3%, here's why
The positive trend in the stock price of private lender was also in line with the bullish broader market, with Sensex and Nifty hitting record highs with each session

YES Bank shares were trading 3% higher on Monday morning after brokerage Edelweiss Securities said it believes that YES Bank among other listed companies may be reclassified as large-cap stocks in the semi-annual Association of Mutual Funds in India (AMFI) review later next month.

Edelweiss believes that along with Yes Bank, Gland Pharma, Jubilant FoodWorks, Adani Enterprises, PI Industries, Hindustan Aero that belong in the mid-cap category currently, will move from midcap to the large-cap category in the new list of large, mid, and small-caps by AMFI.

"The final/official list of Large, Mid and Small caps will be released by AMFI by 1st week of January, which will be effective for the February to July period. Indian Mutual funds will have to re-align the schemes within one month," the report said.

The list is expected to release in the first week of January 2021, which will be effective for the February-to-July 2021 period.

The positive trend in the stock price of private lender was also in line with the bullish broader market, with Sensex and Nifty hitting record highs with each session.

YES Bank stock opened higher at Rs 17.80 and gained 3.7% to hit the day's high of Rs 18.20 during the session. The stock also hit an intraday low of Rs 17.04, also its last close.

Share of the private lender, with Rs 2 face value has fallen 0.95% in one week and over 62% in one year. YES Bank stock is trading higher than 20, 50 and 100-day moving averages but lower than 5, 200-day moving averages.

Meanwhile, it has risen over 21% 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 44,497.51 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.

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