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YES Bank share was trading 2.8% higher despite Monday's bearish session, ranking among the most active banking scrips in terms of volumes on both BSE and NSE today. The lender's board is set to consider fund-raising during its meeting on January 22. The bank is also set to announce its December quarter earnings on same day.
The rise also came after brokerage house Jefferies said in a report that the Piramal group winning creditors' approval to take over DHFL's loans, was a "marginal positive" outcome for banks that have exposure to DHFL, including state-run Bank of India, Canara Bank and Union Bank of India and private-sector lenders such as YES Bank.
"There may be a risk of litigation from co-bidders as some offered higher value. The deal may lead to 40% recovery," it added.
The stock of private lender opened higher at Rs 18.10 against its previous close of Rs 17.65. The stock gained 2.8% to hit the day's high of Rs 18.15 on BSE. The stock also hit an intraday low of Rs 17.45.
Meanwhile, banking and financial index on BSE was down 0.40%, in line with broader indices Sensex and Nifty that fell over 6.5% today.
YES Bank stock is trading higher than 50 and 100-day moving averages but lower than 5, 20, 200-day moving averages.
The stock fell 0.84% last week and over 5% in one month. Year-to-date, the stock has fallen 0.3%.
Earlier this month, YES Bank among other listed companies was re-classified as large-cap stocks in the semi-annual Association of Mutual Funds in India (AMFI) review, which will be effective for the February-to-July 2021 period.
Market capitalisation of the lender stood at Rs 44,723.01 crore as of today's session. 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 54% in one year.
On the technical front, YES Bank stock has just 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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