Mumbai-based Indian Public Sector Bank, Yes Bank’s stock has seen a tremendous rise of nearly 11% on Thursday. The bank, which was on the verge of sinking following a ₹466 crore scam by its former CEO Rana Kapoor and Avantha Group founder Gautam Thapar is seeing its good days returning back.
Today, Yes Bank stock has set a record on the stock market for the 2nd consecutive day.
Earlier on Wednesday, Yes Bank’s stock was closed on the BSE by climbing 12.83%. On the NSE, it was closed at ₹15.20 with a gain of 16.92%.
As per bseindia.com, Yes Bank stock opened at ₹15.30 on Thursday and climbed about 11% to ₹16.25 within the first 30 minutes of the trading day, setting a new 52-week record. However, at around 10:30 a.m, it dropped to ₹14.88. Currently at the time of writing (12:41 p.m.) Yes bank’s each stock worth ₹15.72.
Yes Bank deposits increased
While announcing an important business update on Tuesday, Yes Bank stated that their deposits extended by 7% on a quarterly basis to ₹1,97,281 crore in the Q4FY2021-22. Along with this, on a year-on-year basis, their deposits have grown by 21%.
Bank’s advance ( a loan that the bank gives to a company for specific work) has also increased by 9% on a year-on-year basis to ₹1,81,508 in the Q4FY2021-22. In Q3FY2021-22, It was ₹1,66,893 crore.
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Investors Stake
The Economic Times quoted Milan Vaishnav, Founder, Gemstone Equity Research & Advisory Services as saying, “Yes Bank’s shares are dealing in the range of ₹12-15 since October 2021 and it’s moving above all its major moving averages. I would consider investing in it as risky as the recent rally in its shares is not backed by any technical indicators. According to me, the ₹15.20 level is resistance for the stock.”
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