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Business News/ Markets / Stock Markets/  Yes Bank shares rise 13% on RBI's nod to HDFC Bank's cross-holding. Buy or sell?

Yes Bank shares rise 13% on RBI's nod to HDFC Bank's cross-holding. Buy or sell?

Yes Bank share price today opened upside and went on to touch an intraday high of ₹25.70 apiece on NSE in early morning deals

Yes Bank shares are on the cusp of giving a fresh breakout at ₹26 apiece, say experts. (Photo: Mint)Premium
Yes Bank shares are on the cusp of giving a fresh breakout at 26 apiece, say experts. (Photo: Mint)

Stock market today: Following the Reserve Bank of India's (RBI's) approval of HDFC Bank Limited's plans to raise aggregate holding up to 9.50 percent in Yes Bank, stock market bulls put their weight behind the Yes Bank shares.

Yes Bank shares witnessed strong buying interest during morning deals and opened upside at 23.10 apiece on the NSE. However, Yes Bank shares extended their morning gains and touched an intraday high of 25.70 apiece, logging a nearly 13 percent rise during Tuesday deals.

Why Yes Bank share price is skyrocketing today?

On reason that has fueled Yes Bank shares, Sandeep Pandey, Founder & Director at Basav Capital said, “Bulls' are betting high on the Yes Bank shares after RBI approval to HDFC Bank's plans to raise aggregate holding of up to 9.50 percent in the Yes Bank. After SBI, HDFC Bank is another big bank that has declared to go for such big cross-holding in Yes Bank and today's rise can be attributed to this development only."

Also Read: HDFC Bank Group stocks open in red post RBI's IndusInd Bank stake-buy nod

Yes Bank share price target

Expecting further upside in Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares are on the cusp of giving a fresh breakout at 26 apiece levels. After this breakout, Yes Bank shares may go up to 27.50 and 30 per share level in the short term. The stock has made a strong base at 22.50 per share mark. So, Yes Bank shareholders can hold the scrip maintaining trailing stop loss at 22.50 level."

“Fresh investors can maintain a buy-on-dips strategy maintaining a stop loss at 22.50 for the short-term target of 27.50 and 30 apiece," the Choice Broking expert added.

Yes Bank news

Yes Bank informed Indian stock market bourses about the RBI's approval of HDFC Bank's cross-holding plans saying, "Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we wish to inform you that YES Bank Limited (“the Bank") has received an intimation from the Reserve Bank of India (“RBI") dated February 5, 2024, that it has accorded its approval to HDFC Bank Limited (“Applicant") for acquiring aggregate holding of up to 9.50% of the paid-up share capital or voting rights of the Bank."

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

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 06 Feb 2024, 10:17 AM IST
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