Yes Bank share price: Why this banking stock is skyrocketing even as Sensex suffers blows from FIIs

Source: zeebiz.com

Yes Bank share price has been rising ever since the budget 2019 has been presented. Shockingly, most of the banking stocks on Bank Nifty are collapsing! When the entire Indian market stocks universe was feeling the pain of FIIs selloff, this banking major has gained from Rs 88-level on July 5th — the budget 2019 day — to Rs 93.1-level today. Stock market experts are of the opinion that major reason for Yes Bank share price rising is its top management preponing its result date to July 17th and some recent appointments in the company’s top management levels. Apart from that, the management has recently acquired 9.47 per cent shares in Eveready and that has also helped Yes Bank, till recently led by co-founder Rana Kapoor, to win back the faith of the retail investors in the share market. But, some short-covering in the market by FIIs can’t be denied too, say equity analysts.

Speaking on the Yes Bank share price outlook, Prakash Pandey, Head of Research at Fairwealth Securities said, “Major reason for rising in Yes Bank share price is short-covering by the retail market investors and FIIs. Apart from that, the top management has preponed the result date of the bank to July 17th, which reflects everything is going down well at the fundamental levels. It has recently acquired 9.47 per cent stake in Eveready, which has also helped the banking stock to regain some of its glory it has lost in recent few months. However, I don’t see the Yes Bank stock to go beyond Rs 110 per stock levels and this would happen till July 17th, the result date of the bank.”

On July 8, Yes Bank announced two key appointments at its top managerial levels — Rajeev Uberoi as Senior Group President – Governance and Controls and Anurag Adlakha as Senior Group President & Head – Financial Management & Strategy. Speaking on the occasion, Ravneet Gill, MD & CEO, YES BANK, said, “I warmly welcome Rajeev and Anurag to YES BANK and look forward to working closely with them and the entire senior management team at YES BANK as we embark upon our next phase of strong growth.”

The Yes Bank Board of Directors jointly issued an statement on July 8 citing, “The meeting of the Board of Directors of YES Bank Limited (the “Bank”) will be held on Wednesday, July 17, 2019 at Mumbai, inter alia, to consider and approve the Unaudited Financial Results of the Bank for the quarter ended June 30, 2019,” adding, “Over the past few weeks, there has been a lot of unfounded speculation about YES Bank’s Board & management stability, asset portfolio, future growth prospects amongst other things. We strongly refute such speculations which we suspect is a deliberate & malicious attempt to create instability in the institution by undermining investor and client confidence. We have apprised the authorities of these developments. The financial position of YES BANK is sound & stable and its liquidity & operating performance continue to be robust.”