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YES Bank share falls after 3 sessions

BusinessToday.In     December 3, 2020

Share of YES Bank fell after 3 days of consecutive gains on Thursday, led by muted sentiment in the private banking index and broader indices Sensex and Nifty, ahead of the RBI MPC outcome.

Earlier today, YES Bank share opened at Rs 15.69 and touched a day's high of Rs 15.75, rising 1.8% against the last close of Rs 15.46. However, the stock later erased gains amid volatility in the broader market and fell 1.1% to hit the day's low of Rs 15.28 on BSE.

Stock of the troubled lender touched a 52-week high of Rs 178 and a 52-week low of Rs 5.65. Market capitalisation of the lender rose marginally in today's session to Rs 38,559 crore. The stock has risen 9.3% in one week.

The stock of the private sector lender has fallen 67% since the beginning of the year and over 74% in one year. YES Bank stock is trading higher than 5, 20, 50 and 100-day moving averages but lower than 200-day moving averages.

YES Bank stock also saw buying momentum, following news of YES Bank's inclusion in the MSCI India Index. Inclusion in the MSCI Global Standard Index, was bullish for the stock as this could attract fresh inflows of capital from overseas into the private lender.

Meanwhile, it has risen over 25% in just a month, following the news of the bank's inclusion in the MSCI India Index. In comparison to the stock, the S&P BSE Sensex has rallied 12%. Inclusion in the MSCI Global Standard Index was bullish for the stock as this could attract fresh inflows of capital from overseas into the private lender.

On the technical front, YES Bank stock has just managed to hold in two figures and is in a mildly bearish range. The stock shows buying interest in the range of Rs 11 - Rs 15, on a weekly basis. Due to a spike in volume, the share price of the troubled lender can be seen rising, but still within the range due to supply around Rs 16 - Rs 17 zone. It is an early indication in the stock that it is getting accumulated.

In another update, Yes Bank on Tuesday said the loan repayments performance by its retail and small business borrowers has been better than expected, and only Rs 300 crore of the Rs 60,000-crore book has been applied for the COVID-19-related loan restructuring scheme.

The collection efficiencies at about 95-96% right now are back to the pre-COVID-19 levels of 97%, its Global Head for Retail Business Rajan Pental told PTI.

"Only Rs 300 crore of the overall Rs 60,000 crore of the advances book have opted for loan recast till now," he added later.

The bank is targeting to increase the share of the retail and micro, small and medium enterprises (MSMEs) advances to 60 percent of the book by the end of the calendar year 2023 as against the present level of 44 percent, he said.

The stock also gained investors' participation after rating firm CARE Ratings upgraded the lender's rating on debt instruments with a stable outlook on November 9, 2020.

As per a report published by Invezz.com, the stock was most sought after among Indian investors, clocking in 90,000 online searches in a month. That means, the two-digit stock has been searched over 3 times more than Microsoft, which stands at 26,600 average online monthly search volume. The stock of the private lender was closely followed by Amazon with 89,200 online searches per month and Apple that clocked 78,600 online enquiries per month. Infosys, State Bank of India (SBI), and Indian Railway Catering and Tourism Corporation (IRCTC) were the other Indian companies in the list of the top ten most desired stocks in India, the report showed.

Earlier, Kotak Institutional Equities said in its note that YES Bank has seen the highest rise in stake by FPIs in September 2020 quarter, while BFIs have registered the highest decrease in stake for the lender.

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