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YES Bank share rises for third straight session

BusinessToday.In     January 1, 2021

YES Bank shares were trading 2% higher on Friday morning for the third consecutive session. Stock of the private lender opened higher at Rs 17.90 against its previous close of Rs 17.86 today. The stock gained over 1% to hit the day's high of Rs 18.10 on BSE. The stock also hit an intraday low of Rs 17.80 during early trade.

In its regulatory filing yesterday, the lender announced the closure of the trading window ahead of the announcement of financial results for the quarter ended 31st December 2020.

The filing said," This is to inform that the Trading Window for dealing in  securities of YES Bank Limited shall be closed for the Designated Persons of the Bank, its subsidiaries and for the Connected Persons in terms of the provisions of SEBI(Prohibition of Insider   Trading) Regulations, 2015 and the Code of Conduct of the Bank for prevention of Insider Trading from January 01, 2021 till the declaration of quarterly financial results of the Bank for the quarter ended December 31, 2020 and two days thereafter."

The date of the Board Meeting of the Bank for declaration of financial results for the quarter ended December 31, 2020 will be intimated in due course, it added later.

In another update, the lender said its board has approved promotion of Niranjan Banodkar as the Group Chief Financial Officer (CFO) and Anurag Adlakha as the Group Chief Human Resources Officer following the recommendations of the nomination and remuneration panel and the audit committee.

YES Bank stock is trading higher than 20, 50 and 100-day moving averages but lower than 5, 200-day moving averages. The stock has gained 1.8% in the last 3 days of straight gains.

The stock rose 3.13% in the last week after brokerage Edelweiss Securities said it believes 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 next month. 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 stock has risen over 17% 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 45,224.11 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 61% in one year.

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