Yes Bank Shares were continuing rising in this week after Brickwork Rating Agencies upgrading the rating assigned to the debt instrument Tier I subordinated perpetual bonds of the bank from BWR D to BWR BB+ / Stable (Upgraded). The ratings of the following debt instruments have been withdrawn due to redemption of the instrument. i.e Upper Tier II Bonds (Basel II), Innovative Perpetual Debt Instrument (Basel II) & Lower Tier II Bonds (Basel II).
Yes Bank Jumps approx 28 % after the news on hope the stock will be upgraded to large-cap from Midcap by AMFI (Association of Mutual Funds in India). Bank Management likely plan for an asset reconstruction company (ARC). In this reconstruction plan approx Rs. 40,000 crore of bad loans is proposed.
Yes Bank Share falls 4.89 % to Rs 19.45 against previous close of Rs 20.45 on NSE. Bank Shares already gained more than 40% in this month, Market Cap of the bank increase to Rs. 48,731 crore. But Share Price is still below 200 day moving averages but above 05 day, 50 day & 100 day moving averages.
Our views on Yes Bank
As on date, yes bank trading at Rs.19.00 and having market cap of 48,731 crore. NO (R) NO Fresh Buy right now, but if still you are holding with short term view keep trailing stop loss of Rs. 17.50. Earlier, Bank has reduce debt and continue improvement in NPA from December 2019 to September 2020. We think bank is back on track, but it will take more time specially December Quarter Earnings will be turnaround story so my message to all retail investors need to be patient and hold shares for longer period. Our target is 25/- is intact for the year 2021 after December Quarter Result.
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