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Business News/ Markets / Stock Markets/  Yes Bank shares jump 9% in trade today. Here’s why
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Yes Bank shares jump 9% in trade today. Here’s why

The rally came after Yes Bank's latest shareholding pattern showed that the private sector bank had 50.57 lakh shareholders at the end of 31 March, 2023

Yes Bank, corporate office and branch, photographed in Mumbai.Premium
Yes Bank, corporate office and branch, photographed in Mumbai.

Shares of Yes Bank Limited gained over 9 per cent during intraday trade on Tuesday ahead of the private sector lender's quarterly results later this week. The lender is scheduled to report its March quarter earnings on 22 April.

 

The rally came after Yes Bank's latest shareholding pattern showed that the private sector bank had 50.57 lakh shareholders at the end of 31 March, 2023.

As per the latest shareholding data, 13 mutual funds own 3.32 crore shares or 0.12 per cent stake. Banks held 949.57 crore shares or 33.02 per cent stake. As many as 13 insurance companies have 4.62 per cent stake or 132.94 crore shares at the end of the March quarter.

The lender had 48 lakh shareholders as per December 2022 data. SBI – Yes Bank's biggest shareholder with a 26.14 per cent stake in Yes Bank as of 31 December 2022, as per regulatory data – and other lenders had acquired the bank's shares for 10 apiece in March 2020.

ICICI Bank Ltd, Axis Bank Ltd, IDFC First Bank Ltd, Kotak Mahindra Bank Ltd and Housing Development Finance Corp and state-owned Life Insurance Corp of India hold stakes of 1 per cent to 4.34 per cent in Yes Bank.

Yes Bank shares

At around 3:28 pm, Yes Bank shares were trading 9.12 per cent higher at 16.75 apiece. The stock has risen 7.52 per cent in the last week and 4.09 per cent in the last six months.

On a year-to-date basis, the shares are down 23.79 per cent, while it's up 17.38 per cent in the last one year.

Yes Bank shares have an average broker target of 19.3 per piece, implying a potential upside of 16.97 per cent, according to Trendlyne data.

The mean recommendation of the 14 analysts covering Yes Bank shares is "sell", while their median price target is 15, according to data from Refinitiv.

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ABOUT THE AUTHOR
Meghna Sen
Business journalist tracking markets, companies, economy and crypto for Livemint. She has 6 years of experience with online and print publications. Email: meghnasen08@gmail.com
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Published: 18 Apr 2023, 03:28 PM IST
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