Yes Bank shares can make you rich! It's top performer on Sensex

This increase in Yes Bank shares can be attributed an announcement made by the bank that they have sold 2,30,655 equity shares having nominal value of Rs.100/- each, constituting 30% of the paid-up share capital of 'Valecha Investments Private Limited' ('VIPL') which was acquired by way of invocation of pledge by the bank, resulting into a change in holding of the bank by more than 2% of the total shareholding of VIPL, from the last disclosure made by the Bank on November 14, 2018 for acquisition of shares of VIPL by the Bank.

Yes Bank shares, which have turned out to be one of the favourite stocks for investors, gained as much as by 3.45% in a day after touching an intraday high of Rs 190.25. Image source: Reuters

Yes Bank shares, which have turned out to be one of the favourite stocks for investors, on Friday gained as much as by 3.45% in a day after touching an intraday high of Rs 190.25. However, the bank share closed at Rs 189.50 up by 5.60 points or 3.05% on BSE Sensex. This increase in Yes Bank shares can be attributed an announcement made by the bank that they have sold 2,30,655 equity shares having nominal value of Rs.100/- each, constituting 30% of the paid-up share capital of 'Valecha Investments Private Limited' ('VIPL') which was acquired by way of invocation of pledge by the bank, resulting into a change in holding of the bank by more than 2% of the total shareholding of VIPL, from the last disclosure made by the Bank on November 14, 2018 for acquisition of shares of VIPL by the Bank.

Furthermore, investors might want to retain Yes Bank shares as the date for a new CEO and MD announcement nears, as the current chief Rana Kapoor preps for exit by end of January 2019. Last month, Yes Bank informed that the 'Search & Selection Committee' (SSC) and the Board of Directors are on track to complete the said process within the stipulated timelines of the Reserve Bank of India.

The bank added that time, "The SSC will now engage with the candidates over the next few days for finalization. The final recommendation will be submitted to the Reserve Bank of India by the Board of Directors post their next meeting scheduled on January 9, 2019."

Hence, next week, one can definitely expect a new CEO & MD announcement from Yes Bank.

Mustafa Nadeem, CEO, Epic Research had earlier said, "Well, we have been bearish on Yes Bank since 190 odd levels given the current news events that are factored in the price. The stock has tested one of the most important supports at 140-150 levels. A new MD and CEO being appointed is going to have an impact as the Stock price is a sum total of many things and leadership is certainly the factor carrying more weight."

Nadeem added, "That is also reflected in price in the last few days in the stock which has rebounded from lower levels gaining +20%."

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