Yes Bank investors richer by a third in April alone as the bank continues to see growth in loans and deposits
Yes Bank’s shares have seen a tremendous rally in April, surging by a third since the beginning of the new financial year.
- In addition to continued growth in deposits and advances, the bank has also seen a ratings upgrade, giving its shares a fillip.
- Here’s everything you need to know about the triggers behind the rally in Yes Bank’s shares.
Until the end of March this year, Yes Bank’s shares witnessed volatility before rallying in April.
In its quarterly business update, Yes Bank has revealed that its deposits grew 21%, suggesting that the confidence is returning among its customers. Apart from this, the bank’s advances also grew 9%.
Ratings upgrade another trigger behind Yes Bank’s surge
In addition to the surge in loans and deposits, Yes Bank’s shares were helped by a ratings upgrade from CARE. The ratings of Yes Bank’s debt instruments and bonds have been upgraded a notch above, ranging from BBB+ to BB+ with a positive outlook.
$YESBANK.NSE Looks Promising on Charts.......Triggers for price surge :-Credit Rating Upgrade-Loan & Deposit Positive Growth On Technical Front -RSI is popped out above 60 after three years-volume is Picking Up & delivery based buying But Personally for long term sustainability it's need to give a weekly closing above Rs-19.70 for getting out downtrend of last three years . Keep on Radar or add few quantity here and major after gets validation charts. @StocktwitsIndia @BIIndia #stocktowatch— (@StockGurukul) April 07, 2022
The agency cited stabilisation of the bank’s operations and business growth as the two reasons behind the upgrade.
“The revision in ratings assigned to the debt instruments of Yes Bank factors in the bank’s continued demonstration of stabilisation of operations and growth in business i.e., advances as well as deposits,” said CARE Ratings in its upgrade.
Technical analysts suggest that the new support level for Yes Bank is around ₹13 a share, and if it manages to cross ₹15.50-16, the stock could see a breakout with an upside target of ₹19-20.
Analysts at ICICI Securities recommend a ‘hold’ rating on the stock.
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