Stock below Rs 20: Only buyers witnessed in this banking stock that makes a new 52-week high

The company has shown good positive traction this year with the stock rising over 53 per cent in just 6 months and over 41 per cent on a year-to-date basis

On Friday, shares of Yes Bank rallied over 15 per cent to make a new 52-week high of Rs 20.50. The scrip witnessed a massive spurt in volume by more than 8.45 times. The stock witnessed some trading gains and closed 11.83 per cent up at Rs 19.85.  

The private bank, in its latest press release, stated that it will proceed with capital raises with The Carlyle Group and Advent International, with both the investors set to pick up a 9.99 per cent stake each in the bank.  It shall now engage with the investors for the completion of the proposed capital raise, subject to various regulatory compliances.  

In the September quarter, the bank quality profile improved with gross non-performing assets (NPA) standing at 12.9 per cent, compared to 15 per cent in September 2021. The bank’s net NPA also improved to 3.6 per cent from 5.5 per cent a year ago. Furthermore, the bank has moved the National Company Tribunal (NCLT) to initiate a corporate insolvency resolution process against Digital Ventures, a wholly owned unit of Zee Learn  

Yes Bank Limited is a private sector bank that engages in providing banking services, including corporate and institutional banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking and wealth management. In July 2022, the bank announced raising equity capital worth Rs 8900 crore through global private equity investors Carlyle and Advent international.    

The company has shown good positive traction this year with the stock rising over 53 per cent in just 6 months and over 41 per cent on a year-to-date basis. Keep a close eye on this trending banking stock.