Mumbai :
Today, Yes Bank Limited witnessed a significant increase in its share price, marking a rise of 2% to reach an intraday high of Rs 24.30.
This surge was driven by the company’s provisional quarterly update for the June 2024 quarter,
highlighting substantial growth in key financial metrics.
Quarterly Financial Update
In its recent exchange filing, Yes Bank reported a robust 14.8% year-on-year growth in loans and advances, amounting to Rs 2,29,920 crore for the June quarter.
Deposits also saw a substantial increase of 20.8% year-on-year, reaching Rs 2,64,910 crore.
Market Performance Analysis
Despite today’s rise, Yes Bank shares currently trade 70% above their 52-week low of Rs 14.10, recorded in October 2023.
However, they remain 28% below their 52-week high of Rs 32.81 from February 2024.
Year-to-date, the stock has gained only 6%,
reflecting mixed investor sentiment over the year.
Analyst Insights and Future Outlook
According to market experts, breaking above the resistance level of Rs 24.65 could propel Yes Bank’s stock towards Rs 26.65.
Short-term trading prospects suggest a range between Rs 23 and Rs 27, indicating potential opportunities for investors considering new positions in the stock.
According to VLA Ambala,
initiating a long position between Rs 21.50 to Rs 23.50 could target levels of Rs 27 to Rs 35, underlining optimistic outlooks amidst current market conditions.
