YES Bank shares rose 15% on the BSE in Wednesday’s intraday trade amid hefty volumes, reaching a three-year high of Rs 29.20. In the last two trading days, the private sector bank’s shares have increased by 28 percent. It is now trading at its highest level since June 2020. At 03:05 p.m., YES Bank was trading 13% higher on the basis of a fourfold increase in trade volume. Until then, 1,524 million equity shares, or 5% of the bank’s total equity, had changed hands on the NSE and BSE.
On Tuesday, YES Bank announced that it has been informed by the Reserve Bank of India (RBI) via a communication dated February 5, 2024, that HDFC has been granted approval to acquire an aggregate holding of up to 9.50 percent of the paid-up share capital or voting rights of YES Bank.
YES Bank reaches its highest level since June 2020; stock surges 28% in two days.
The RBI, while granting the aforementioned approval, has also stated that if YES Bank fails to acquire significant shareholding within one year from the date of the RBI letter mentioned above, the approval will be revoked, the Bank stated. As of December 31, 2023, HDFC held a 3 percent stake in YES Bank. State Bank of India (SBI) held a 26.13 percent stake in the Bank, while IDFC First Bank, Axis, Kotak Mahindra, and ICICI held stakes ranging from 1 percent to 2.6 percent, according to shareholding pattern data. – YES Bank shares
According to technical analysts at Prabhudas Lilladher, YES Bank has recently found support around the significant 50-EMA level of Rs 22.60 zone. There has been a breakout above the previous peak of Rs 26.25 zone, accompanied by a series of bullish candle formations, indicating a renewed bullish bias. Furthermore, the formation of a higher low pattern has further strengthened this bias. The brokerage firm anticipates that the stock will climb to its initial target of Rs 32, and with sustained strength, it could potentially reach the next targets of Rs 35 and Rs 44, respectively. In the near term, support is expected to be maintained around the Rs 22.60 zone.
