Stock market today: Yes Bank shares jump 6% after NPA portfolio update. Experts see more upside

Stock market today: Despite weak market sentiments, Yes Bank shares are attracting strong buying interest during Monday deals. After opening flat during early morning session on Monday, Yes Bank shares attained bull trend all of a sudden and touched intraday high of ₹19.50 per share on NSE, logging near 6 per cent rise from its close price of ₹18.40 on NSE during Muhurat trading session on Sunday.

According to stock market experts, Yes Bank share price today skyrocketed after the positive update on sale of NPA portfolio. They said that Yes Bank has declared that it has received ₹120 crore from sale of NPA portfolio to JC Flowers ARC, which has attracted attention of stock market bulls.

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Yes Bank share news

On reason that has fueled Yes Bank share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Yes Bank share price rising today as the private lender has informed Indian stock market exchanges about receipt of redemption amount from sale of NPA portfolio to JC Flowers ARC. The private bank had informed about the development in December last year, but it has now informed about receipt of ₹120 crore from that NPA portfolio sale.”

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Yes Bank share price target

Expecting more upside in Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares are looking positive on chart pattern and those who have this stock in portfolio are advised to hold the stock for near term target of ₹22 apiece levels. However, one must maintain stop loss at ₹18 while holding the Yes Bank stocks.”

Choice Broking expert went on to add that one can maintain ‘buy on dips’ strategy in Yes Bank shares till it is above ₹18.50 apiece levels.

“Yes Bank shares may go up to ₹25 per share levels, if it breaches its current ₹22 hurdle on closing basis,” concluded Sumeet Bagadia.

Yes Bank news

In its latest exchange filing, Yes Bank Ltd informed Indian bourses about receipt of ₹120 crore from sale of NPS portfolio to JC Flowers ARC citing, "This is with reference to our earlier disclosure pertaining to Sale of NPA Portfolio to JC Flowers ARC on December 17, 2022. In this regard, the Bank would like to inform that it has received a redemption amounting to ~INR 120 crores from a single trust in the Security Receipts Portfolio. Since the net amount (redemption quantum, in excess of the underlying carrying value of the trust), is more than the materiality threshold as prescribed under the amended Listing Regulations, the said event, is being hereby disclosed under Regulations 30 of Listing Regulations."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.