What is the story about?
Shares of Yes Bank Ltd., the Mumbai-based private lender, gained as much as 8% on Friday, October 10, extending their gains this week.
The private sector lender has logged gains in eight of the last nine trading sessions. The surge has propelled the stock towards what could be its best weekly performance since May. The stock is up over 10% for the week so far, and had gained over 13% during the week that ended on May 4.
Trading volumes on Yes Bank have also surged on Friday, with 18 crore shares changing hands, significantly higher than the 20-day average of 3.2 crore shares.
With this upmove seen over the last few sessions, the stock is now trading above the ₹21.5 price, at which it had issued shares to Sumitomo Mitsui Banking Corporation (SMBC) when it acquired the initial stake in the lender.
In an interaction with CNBC-TV18's Ritu Singh, Yes Bank MD & CEO Prashant Kumar said that there is now the need to decide on a strategic course with SMBC and they do not see a strategy change.
He also said that the lender could achieve the Return on Assets (RoA) target of 1% before financial year 2027 and the credit growth target for the year would be between 10% to 12%.
On a year-to-date basis, the stock has surged 22% so far, having declined 9% in 2024.
Shares of Yes Bank are trading 6.9% higher currently at ₹23.96, having made an intraday high of ₹24.3. The stock has risen 15% in the last one month.
The private sector lender has logged gains in eight of the last nine trading sessions. The surge has propelled the stock towards what could be its best weekly performance since May. The stock is up over 10% for the week so far, and had gained over 13% during the week that ended on May 4.
Trading volumes on Yes Bank have also surged on Friday, with 18 crore shares changing hands, significantly higher than the 20-day average of 3.2 crore shares.
With this upmove seen over the last few sessions, the stock is now trading above the ₹21.5 price, at which it had issued shares to Sumitomo Mitsui Banking Corporation (SMBC) when it acquired the initial stake in the lender.
In an interaction with CNBC-TV18's Ritu Singh, Yes Bank MD & CEO Prashant Kumar said that there is now the need to decide on a strategic course with SMBC and they do not see a strategy change.
He also said that the lender could achieve the Return on Assets (RoA) target of 1% before financial year 2027 and the credit growth target for the year would be between 10% to 12%.
On a year-to-date basis, the stock has surged 22% so far, having declined 9% in 2024.
Shares of Yes Bank are trading 6.9% higher currently at ₹23.96, having made an intraday high of ₹24.3. The stock has risen 15% in the last one month.
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