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YES Bank share falls 2% ahead of board meet to raise funds

YES Bank share falls 2% ahead of board meet to raise funds

Stock of YES Bank opened higher at Rs 17.35 and touched day's high of Rs 17.50 in early session. Later, the stock fell to day's low of Rs 16.90, down 2% against the last close of Rs 17.25

The stock has fallen 4% in one week and 2% in a month. Year-to-date, the stock is down 5% The stock has fallen 4% in one week and 2% in a month. Year-to-date, the stock is down 5%

Share of private lender YES Bank was trading 2% lower on Friday even as the lender's board plans to consider fund-raising through various means, during its board meeting today. The bank is also set to announce its December quarter earnings today.

On January 18, the private lender said,  "Raising of funds by issue of equity shares, depository receipts, convertible bonds, debentures, warrants, any other equity-linked securities through permissible modes subject to necessary shareholders, regulatory approvals as applicable."

Stock of YES Bank opened higher at Rs 17.35 and touched day's high of Rs 17.50 in early session. Later, the stock fell to day's low of Rs 16.90, down 2% against the last close of Rs 17.25.

YES Bank stock is trading higher than 50, and 100-day moving averages but lower than 5, 20 and 200-day moving averages.

The stock has fallen 4% in one week and 2% in a month. Year-to-date, the stock is down 5%.

Market capitalisation of the lender stood at Rs 42,593.34 crore. The stock has touched a 52-week high of Rs 87.95 and a 52-week low of Rs 5.55. Share of the private lender, with Rs 2 face value has fallen 55% in one year.  

The stock was recently re-classified as large-cap stocks in the semi-annual Association of Mutual Funds in India (AMFI) review earlier this month. The entry of the bank into large-cap in AMFI reclassified index is a big come back after YES Bank, that was dropped from benchmark indices Nifty, banking index Nifty Bank and other Nifty indices.

In a regulatory filing on January 4, YES Bank announced that it clocked 1.3% growth on a sequential basis in loans and advances to Rs 1.69 lakh crore during the December quarter. Lender's deposits grew 7.7% to Rs 1.46 lakh crore in the quarter, compared to Rs 1.36 lakh crore in the September quarter.  

The gross retail disbursements during the December quarter stood at Rs 7,563 crore, up 109% compared with Rs 3,764 crore in the September quarter.

The certificate of deposits (CDs) grew 1.9% to Rs 7,395 crore from Rs 7,259 crore in the preceding quarter. The current account and savings account (CASA) deposits grew 12.6% to Rs 37,973 crore, compared to Rs 33,713 crore in the September quarter.  

On the technical front, YES Bank stock has managed to hold in two figures and is in a mildly bearish range since last year. The stock shows buying interest in the range of Rs 17-18 on a weekly basis as against the earlier Rs 11-15 range.

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Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jan 22, 2021, 3:20 PM IST
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