Shares of private lender Yes Bank have doubled since Diwali 2023 till date (February 7), making investors wealthy and further boosting confidence in the bank’s prospects. Yes Bank stock price on October 26, 2023 was at Rs 15.70 per share. The stock price since then has rallied 76% and has made an high of Rs 30.45 on February 7 (today), which is also the stock’s 52-week high.
The stock rallied 17% in Wednesday’s trading session, a day after it surged close to 20% on Tuesday after the HDFC Bank group received RBI approval to increase its aggregate holding to 9.5% in several banks including Yes Bank.
In Q3FY24, the bank’s net profit rose to Rs 231.6 crore from Rs 51.5 crore a year ago. The private lender’s gross non-performing assets (GNPA) too remained steady at 2% in the October-December quarter. The bank also reported a 13.2% surge in its deposits to Rs 2.4 lakh crore against last year.
Analysts and experts tracking the stock believe that there’s more upside left and believe that the stock could hit levels of Rs 50 and above in the coming months.
