Yes Bank hits 52-week high; jumps 28% in four days

Yes Bank rallied 5.70% to Rs 22.25, extending its gaining streak for the fourth consecutive trading session.

Shares of the private lender jumped 27.51% in four trading sessions from its previous closing low of Rs 17.45 on 7 December 2022.

The stock hit its 52-week high of Rs 22.40 today. The counter has soared 83.73% from its 52-week low of Rs 12.11 hit on 30 March 2022.

On the BSE, 262.58 lakh shares were traded in the counter so far compared with average daily volumes of 313.14 lakh shares in the past two weeks.

The counter saw demand after the Reserve Bank of India (RBI) gave a conditional approval to private equity investors Carlyle Group and Advent International to acquire up to 9.99% each, in the bank.

"We hereby inform you that vide separate letters dated 30 November, RBI has issued a conditional approval to each investor on proposed acquisition by each of up to 9.99% of paid-up share capital of the bank through subscription to equity shares and share warrants of the bank. Investors are evaluating the conditions," Yes Bank said.

In July, Yes Bank announced raising equity capital of about $1.1 billion (~ Rs 8,900 crore) from funds affiliated with two global private equity investors - Carlyle and Advent International, with each investor potentially acquiring upto a 10.0% stake in Yes Bank. This will be raised through a combination of ~$640 million (~Rs 5,100 crore) in equity shares and ~$475 million (~Rs 3,800 crore) through equity share warrants.

The stock had outperformed the market over the past one month, surging 30.12% compared with 1.39% increase in the Sensex.

The scrip outperformed the market in past one quarter, rising 27.51% as against Sensex's 3.16% rise.

The counter had also outperformed the market in past one year, soaring 58.93% as against 7.2% jump in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 90.702. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading above its 50, 100 and 200 days simple moving average (SMA) placed at 16.73, 16.39 and 14.79 respectively. These levels will act as crucial support zones in near term.

Yes Bank is a full service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers.

The private lender reported 32.23% decline in standalone net profit to Rs 152.82 crore despite of a 17.75% increase in total income to Rs 6,394.11 crore in Q2 FY23 over Q2 FY22.

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