Despite prevailing weak market sentiments, Yes Bank shares witnessed robust buying interest on Monday, experiencing a sudden surge and reaching an intraday high of ₹19.50 per share on the NSE. This marked an almost 6% increase from its previous close of ₹18.40 during the Muhurat trading session on Sunday.
Market analysts attribute the sharp rise in Yes Bank share price to a positive development related to the sale of its Non-Performing Asset (NPA) portfolio. The bank revealed that it received ₹120 crore from the sale of NPA portfolio to JC Flowers ARC, catching the attention of bullish investors.
Avinash Gorakshkar, Head of Research at Profitmart Securities, highlighted, “Yes Bank’s share price is surging today following the announcement of the redemption amount received from the sale of the NPA portfolio to JC Flowers ARC. Although the bank had initially informed about this development in December last year, the recent disclosure of the ₹120 crore receipt is driving the positive momentum.”
Yes Bank Share Price Target: Sumeet Bagadia, Executive Director at Choice Broking, expressed optimism about the upward trajectory of Yes Bank shares. He advised investors holding the stock to maintain it for a near-term target of ₹22 apiece. Bagadia suggested implementing a stop loss at ₹18 while holding Yes Bank stocks. Additionally, he recommended a ‘buy on dips’ strategy as long as the stock stays above ₹18.50 levels.
Bagadia projected further potential, stating, “Yes Bank shares may reach ₹25 per share levels if it surpasses the current ₹22 hurdle on a closing basis.”
Recent Yes Bank Update: In its latest filing with Indian stock exchanges, Yes Bank informed about the receipt of ₹120 crore from the sale of the NPA portfolio to JC Flowers ARC. The bank clarified that the disclosure was made under Regulations 30 of Listing Regulations due to the redemption amount exceeding the materiality threshold as prescribed under the amended regulations.
The positive news around the NPA portfolio sale has injected optimism into Yes Bank’s stock performance, making it a focal point for market participants amid broader market uncertainties.
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