Yes Bank shares

What's driving Yes Bank shares to record highs over the past two sessions?

Today's stock market: Within a few minutes of the market opening bell, Yes Bank shares touched an intraday high of 18.60 per share on NSE, continuing their Friday rise for yet another session. After reaching an intraday high of 18.00 per share, the Yes Bank share price has increased by 11% during the past two trading days. On Thursday, shares of Yes Bank concluded at a price of 16.80.

According to Avinash Gorakshkar, Head of Research at Profitmart Securities, "Yes Bank shares have been in uptrend for the last two sessions after some media reports on Friday about Subhash Chanda and JC Flower ARC ending close to two year tussle of debt repayment," this is the reason why Yes Bank shares have soared for the last two sessions in a row. According to these sources, the asset restructuring division of Yes Bank has reduced its fees by 75%, meaning that Subhash Chandra will now pay 1500 crores instead of 6500 crores. However, this $1500,000,000 will be paid all at once.

Target price for Yes Bank's shares

According to Sumeet Bagadia, Executive Director at Choice Broking, "Yes Bank shares are looking positive on chart pattern and it is expected to go up to 22 and 24 apiece levels in near term if the stock closes above 18.60 apiece levels after the Monday deals." He advised Yes Bank shareholders to continue holding the stock. However, while awaiting these short-term objectives, one must keep stop loss at levels of $16.50 per piece.

Avinash Gorakshkar of Profitmart Securities recommended new investors to wait for an official statement, saying, "New investors are advised to wait for an official confirmation as present rise is purely speculative. If no official comment is made by any of the parties engaged in this debt restructuring transaction, the stock could decline at the same rate.