Strong purchasing demand is seen in Yes Bank shares on Monday deals, notwithstanding the unfavorable attitude of the market. Yes Bank shares suddenly entered a bull trend on Monday after opening flat during the early morning session. They reached an intraday high of ₹19.50 per share on NSE, marking a nearly 6% increase from its closing price of ₹18.40 on NSE during the Muhurat trading session on Sunday.
Market analysts believe that the sale of Yes Bank's portfolio of non-performing assets (NPAs) resulted in a favorable development, which is why the share price of the bank rose sharply. Investors who were positive were alerted when the bank disclosed that it had collected ₹120 crore from the sale of its non-performing assets to JC Flowers ARC.
"Yes Bank's share price is surging today following the announcement of the redemption amount received from the sale of the NPA portfolio to JC Flowers ARC," said Avinash Gorakshkar, Head of Research at Profitmart Securities. Even though the bank had first disclosed this development in December of last year, the positive momentum is being driven by the revelation of the ₹120 crore receipt.
The executive director of Choice Broking, Sumeet Bagadia, expressed hope for the future growth of Yes Bank's stock. He recommended stockholders to hold onto their shares in order to reach the short-term goal of ₹22 per share. Bagadia recommended keeping Yes Bank stocks and setting a stop loss at ₹18. Furthermore, he suggested adopting a "buy on dips" approach, provided that the stock maintains its level above ₹18.50.
"Yes, Bank shares may reach ₹25 per share levels if it surpasses the current ₹22 hurdle on a closing basis," Bagadia said, indicating greater potential.
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