Want to make money? Yes Bank shares can be your ticket to riches
Yes Bank is set to be a money-making machine after the announcement of Ravneet Gill as new CEO in place of co-founder Rana Kapoor.
After taking heat from investors for nearly four months as Rana Kapoor controversy unfolded, causing Yes Bank shares to plunge and thereby cause major losses to investors. However, Yes Bank shares have now reversed the trend and in fact, they are now seen as a money making machine. The sole reason for such an upbeat outlook for Yes Bank is the announcement of new CEO and MD. The respected Deutsche Bank India CEO Ravneet Gill has been named as Rana Kapoor's successor. Gill will take charge of Yes Bank from March, 2019, and the bank will appoint an interim CEO next week as Kapoor's tenure ends by January 2019. It was late September, 2018 when Rana Kapoor was asked to end his tenure in Yes Bank by RBI.
The exit news shocked investors, markets and experts. Things turned even worse as other members of Yes Bank management quit, causing the carnage in markets. As a consequence, Yes Bank share price journey was akin to being on a roller coaster. However, post new CEO announcement, analysts are now positive on Yes Bank shares.
Mustafa Nadeem, CEO, Epic Research said, "The stock saw a huge upside move in last hours of the session as the Bank Named the current Deutsche India head, Mr. Gill as CEO and MD. The results were as well out post-market with an increase in Net NPA of 1.18% vs 0.93%. The numbers also posted growth in NII of 41.2% Y/Y to rs 2664 CR. The net profit saw a plunge of 7% to 1001 Crore."
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On Thursday, Yes Bank shares finished at Rs 213.85 above 8.39% on BSE.
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Nadeem added, "We initially do have to see results reaction on Friday morning trade while the price structure still looks bullish as a trend on the upside may continue. We have been bullish in this stock from lower levels of 165 - 170."
As for now, Nadeem said, "we believe prices have appreciated almost 25%. In the short term, we believe upside is expected to expand to higher levels of 245 - 252. Though 190 is very crucial support for this trend to sustain."
Hence, all things being equal, Yes Bank is all set to make investors richer going forward.
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