Shares of private lender YES Bank Ltd rose sharply in Friday’s late trading session. The stock surged 12.90 per cent to hit a day high of Rs 27.05 over its previous close of Rs 23.96.
The scrip saw heavy trading volume today on BSE as around 12.47 crore shares changed hands at the time of writing this story. The figure was way more than the two-week average volume of 1.81 crore shares. Turnover on the counter came at Rs 320.45 crore, commanding a market capitalisation (m-cap) of Rs 83,384.20 crore.
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There were 1,34,44,607 sell orders as against buy orders of 45,80,976 shares.
“The counter has potential to go up further, given the high turnover and share exchange seen today. Expected near-term upside target price will be Rs 30. Keep a strict stop loss placed at Rs 23,” said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
“The stock has been consolidating for quite some time maintaining the support near Rs 23.70. With a huge bullish candle formation on daily charts, it has triggered a clear breakout with bias strengthened, anticipating a further rise. Next near-term target will be Rs 28.55. Support from current level would be positioned at Rs 25.70,” said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
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In its latest business update, the lender showed strong growth in deposits and advances for the June quarter (Q1 FY25). YES Bank’s loans and advances surged 14.8 per cent year-on-year (YoY) to Rs 2.3 lakh crore in the April-June quarter, up from Rs 2 lakh crore in the year-ago period. On sequential basis, it increased modestly by 0.9 per cent.
The bank’s deposits also witnessed a strong growth, up 20.8 per cent YoY to Rs 2.64 lakh crore in Q1 FY25.
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The CASA ratio stood at 30.7 per cent during the April-June quarter, compared to 29.4 per cent a year ago. The liquidity coverage ratio improved to 137.8 per cent in June-ended quarter.
Besides this, YES Bank is scheduled to come up with its Q1 FY25 results on July 20.
