Yes Bank share price ZOOMS over 35% in 1 day! How to become rich moment for investors! See why
Yes Bank share price: Private lender Yes Bank has again made for spectacular breaking news! This time, it is for positive reasons. Much to the joy of all its worried shareholders, this private lender's shares have rallied by a mammoth over 35 per cent today on October 31 (Thursday).
Yes Bank share price: Private lender Yes Bank has again made for spectacular breaking news! This time, it is for positive reasons. Much to the joy of all its worried shareholders, this private lender's shares have rallied by a mammoth over 35 per cent today on October 31 (Thursday). The big reason that set fire to Yes Bank share price is a report which says the private lender may soon crack a $1.2 billion deal with a global investor, according to Zee Business sources. YES Bank share price skyrocketed from Rs 54.80 to Rs 78 in a single trading session. It hit the day's high of Rs 78.70 on NSE. According to Zee Business, a big global investor has shown strong interest to seek fresh equity in Yes Bank. The investor has offered a binding deal of $120 crore. Yes Bank had been in talks with few giant investors for last few months and the exchanges have also signalled that the bank may soon lock a deal.
Santosh Meena, Sr. Analyst, TradingBells told Zee Business Online, ''Yes Bank has rallied 171% from the low of Rs 29 which was made on the 1st of October month, it was the last day of selling of pledged shares. It rallied about 27% in today's trading session after news that it receives interest from strong global players for equity infusion which is a major requirement for the bank. Technically, 79-81 is a critical resistance zone which is also near the previous QIP price of 87, therefore, it is difficult to see further upside from here in the near term and it will post its Q2 results tomorrow which may cause some selling pressure. In the short term, investors should avoid any long position at the current level while a correction in the 60-55 zone will be a better opportunity to take a risk as a long term bet.''
YES Bank share has now recovered more than 150 per cent from its 52-week low of Rs 29.05, hit on October 1. The lender has been trying to raise capital to fight off the liquidity issues. It had earlier said it received strong interest from multiple foreign as well as domestic private equity and strategic investors for the capital raise and remains firmly on course to raising growth capital subject to necessary approvals.
YES Bank has been witnessing a huge setback on the Dalal Street, losing value by over 60 per cent this year and around 80 percent in the last year. Notably, Rana Kapoor had to quit as the CEO and MD of YES Bank on the orders of the Reserve Bank of India (RBI), which cited 'serious lapses' in governance and 'poor compliance. Meanwhile, in case, the deal takes place as per reports, the year will become an important mark in the banking industry.
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