YES Bank shares in focus after Moody's upgrades rating to Ba2, outlook revised to stable
ADVERTISEMENT "YES Bank's Ba2 deposit ratings are one notch above its ba3 BCA based on our expectation of a moderate likelihood of support from the Government of India (Baa3 stable) in times of need," Moody's said.
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Last week, YES Bank announced that the Reserve Bank of India (RBI) had approved a six-month extension for Managing Director and CEO Prashant Kumar, effective October 6, or until a new MD & CEO takes charge. Kumar's original three-year term ends in October, and the bank has initiated a global search for his successor.
In May, Japan's Sumitomo Mitsui Banking Corp (SMBC) signed a definitive agreement to acquire a 20% stake in YES Bank through a secondary purchase. SMBC will acquire 13.19% from State Bank of India and 6.81% from other banks for Rs 13,483 crore, at a price of Rs 21.5 per share.
SBI will offload its stake for Rs 8,889 crore, while the remaining Rs 4,594 crore will come from other banks including Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank.
ADVERTISEMENT Also Read: These 11 Nifty microcap stocks can rally 55-210% in the next 12 monthsYES Bank share price target
ADVERTISEMENT According to Trendlyne, the average target price for YES Bank is Rs 16, indicating a potential downside of nearly 18% from current levels. Of the 12 analysts covering the stock, most have a 'Sell' rating.The stock has risen 24% over the past three months but remains down 15% on a 12-month basis. The bank's current market capitalisation stands at Rs 63,227 crore.
ADVERTISEMENT Also Read: Swiggy, Radico Khaitan among 7 stocks on which brokerages initiated coverage, see up to 34% upside
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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