Yes bank shares: Yes Bank shares saw a decline for the sixth consecutive day on 9 July. Today the bank’s shares fell 0.35 per cent to close at Rs 19.93. The bank shares have been under pressure since its June quarter business update. In the last 5 days, the bank shares have fallen by about 1 percent and about 5 percent in the last one month. Currently, Yes Bank shares are trading at a price of Rs 19.93, which is about 26 per cent below its 52-whee high.
The private sector bank recently stated that Care Ratings have increased the interaction bond and its rating on Tier-II bonds from Care A+ to Care AA-AA-AA-AA-and have kept its outlook stable. Apart from this, its care A1+ rating has also been confirmed on the deposit certificates of the rating agency.
Yes Bank released business updates for the June quarter of the current financial year last week. The bank reported that during the June quarter, its loans and advans recorded an annual increase of 5.1 per cent and it increased from Rs 2,41,355 crore to Rs 2,29,565 crore. However, on a quarterly basis, loans and advances have fallen by 2 per cent.
On the other hand, the total deposits of the bank rose 4.1 per cent to Rs 2,75,921 crore in the June quarter, which was Rs 2,65,072 crore in the same quarter last year. However, on a quarterly basis, deposits declined by 3 per cent.
The bank’s CASA (current account and savings account) deposit also rose 10.8 per cent to Rs 90,347 crore in the June quarter, reaching Rs 81,567 crore last year. The CASA ratio was better in the June quarter to Rs 87.5 crore, which was 86.6 percent in the same quarter last year.
What to do now investor?
Kiran Jani, a technical research head of Jainam Broking, told in a conversation with a business news channel that the stock has come back to a sideways correction zone. In such a situation, investors should strictly follow the stop loss at the level of Rs 19 or Rs 18.50. After this level breaks, this stock can return to its previous decline.
At the same time, Technical Research Analysts of Prabhudas Liladhar, Shiju Kutupalakkal, said that this stock is facing resistance near Rs 20.60. He said, “The recent decline has come due to profits and now the next support of the stock is seen in the radius of Rs 19.30 to Rs 19.50. It is very important to stay on this support zone, so that the current positive bias can remain.” He further said that until the stock sees a decisive breakout above Rs 20.60, there is less scope for the bullish trend.
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