Yes Bank shares cheer New Year after receipt of ₹150 crore from NPA portfolio sale. Experts see more upside

  • Yes Bank share price today came close to its 52-week high of 23.05 apiece on NSE

Asit Manohar
Updated1 Jan 2024, 10:10 AM IST
Yes Bank share price today witnessed upside movement after the private lender's declaration to receive  <span class='webrupee'>₹</span>150 crore from single trust in Security Receipts Portfolio after NPA portfolio sale.
Yes Bank share price today witnessed upside movement after the private lender’s declaration to receive ₹150 crore from single trust in Security Receipts Portfolio after NPA portfolio sale.(MINT)

Stock market today: Yes Bank shares witnessed buying interest in early morning deals on first trade session of the new year 2024. In morning deals, Yes Bank share price opened upside and went on to touch intraday high of 22.10 apiece levels on NSE, which is just 4 per cent away from 52-week high of 23.05 per share.

According to stock market experts, Yes Bank share price today witnessed upside movement after the private lender's declaration to receive 150 crore from a single trust in Security Receipts Portfolio after NPA portfolio sale. They said that Yes Bank shares may continue to trade positive and go up to 26 apiece levels in short term and advised Yes Bank shareholders to hold the scrip with trailing stop loss at 19 apiece levels.

Why Yes Bank share price is skyrocketing?

On triggers that fueled Yes Bank share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Yes Bank shares are rising today as market has gone bullish on the scrip after private lender's declaration to receive 150 crore from single trust after bad loan sale. Market is expecting that amount received would benefit private lender and its margins as more receipt are expected afte NPA portfolio sale to JC Flowers ARC."

Also Read: RailTel Corporation shares extend gains for second day, hit new all-time high

Expecting further rally in Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares are looking positive on chart pattern and it may soon go up to 26 apiece levels, once it closes above 22. So, those who have Yes Bank shares in stock portfolio, should further hold the scrip maintaining stop loss at 19.”

On suggestion to fresh investors, Sumeet Bagadia said, "Fresh investors can maintain buy on dips strategy maintaining stop loss at 19 keeping short term target of 26 in focus."

Also Read: LIC-backed penny stock sets record date for issuance of 1:1 bonus shares

Yes Bank news

Yes Bank informed Indian stock market exchanges on Sunday about receipt of 150 crore from single trust saying, "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 ~INR 150 crores from a single trust in the Security Receipts Portfolio. Since this amount (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.

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News in Numbers

Numbers that help you understand news better
1.4%

₹773 Cr

₹2,705 Cr

₹1 Cr

₹14,370 Cr

₹5.74 T

First Published:1 Jan 2024, 10:10 AM IST
HomeMarketsStock MarketsYes Bank shares cheer New Year after receipt of ₹150 crore from NPA portfolio sale. Experts see more upside

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