
On Thursday morning, YES Bank Ltd shares will be in focus following the bank's statement regarding its collaboration with a startup, which was reported by the media. The bank clarified that this partnership with LeRemitt, a fintech startup, is still in its early stages and has no significant impact on the bank's business volumes or revenues. The bank emphasized that such collaborations are part of its regular business activities to provide digital solutions to its MSME customers.
The clarification came in response to a query from the BSE regarding the media reports. YES Bank shares closed at Rs 29.83 on Wednesday, marking a 17.35% increase on the BSE.
Prabhudas Lilladher, a brokerage firm, commented on the recent performance of YES Bank's stock, noting a rally from Rs 16 levels with a pattern of higher lows on the daily chart. The stock saw a peak near Rs 26.25 and then experienced a cooling-off period. Currently, it has found support near the significant 50EMA level around Rs 22.60 and has broken out above the previous peak. The brokerage expects the stock to reach initial targets of Rs 32 and, with sustained strength, potentially achieve further targets of Rs 35 and Rs 44.
The brokerage also mentioned that near-term support for the stock would likely be maintained around the Rs 22.60 level.
Additionally, YES Bank recently received communication from the Reserve Bank of India (RBI) regarding HDFC Bank Limited's approval to acquire up to 9.50% of YES Bank's paid-up share capital or voting rights. The RBI stipulated a one-year timeline for HDFC Bank to acquire a major shareholding, after which the approval would be nullified.
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