Stock market today: After the announcement of strong Q4 results 2024 on Saturday, Yes Bank shares witnessed strong buying in early morning deals on Monday. Yes Bank share price today opened upside at ₹27.50 apiece on NSE and went on to touch an intraday high of ₹28.55 per share within a few minutes of the stock market’s opening bell, logging to the tune of an 8 percent intraday rise on Monday.
According to stock market experts, Yes Bank has declared strong Q4 results 2024 and current buying in the scrip can be attributed to this strong quarterly numbers. Expecting more upside in Yes Bank shares, they said that Yes Bank shareholders should hold the scrip maintaining stop loss at ₹24 and wait for near-term target of ₹30 and ₹32 apiece. While climbing to the intraday high of ₹28.55 apiece, Yes Bank share price came close to its existing 52-week high of ₹32.85 apiece.
Speaking on the Q4 results 2024 of Yes Bank, Amit Goel, Co-Founder and Chief Global Strategist at Pace 360 said, “Yes Bank reported a net profit of ₹451 crore for the January-March quarter of the financial year (FY) 2023-24, marking a 123 percent jump compared to ₹202 crore in the year-ago period. The bank’s gross NPA stood at 1.7%, down from 2.2% recorded in the same quarter last year. On the other hand, the net NPA for the quarter stood at 0.6%, improving from 0.80% on a year-on-year basis. In the fourth quarter, it started functioning as PSP Payment Bank for existing and new consumers of Paytm.”
Decoding Yes Bank’s Q4 results 2024, Shreyansh V Shah, Research Analyst at StoxBox said, “As expected and in continuation with its new journey under the CEO, Prashant Kumar, Yes Bank posted strong fourth-quarter results. The bank witnessed solid traction in its bottom line which grew 123% YoY and 95% QoQ on the back of higher other income and lower provisions. In a high-interest rate environment, a strong show on operating parameters such as NIMs and NPAs indicates that the bank has legacy issues behind it. The highlight of the quarter for us was the much better expansion in RoA and strong growth in non-interest income which signifies that the lender’s strategic moves in the past have started yielding results.”
Yes Bank share price target
On Yes Bank’s share price outlook, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares have made a strong base at ₹24 apiece level. The stock may become weak on breaching below this level. On the upper side, Yes Bank share price is facing resistance at ₹30 to ₹32 zone. On breaching this resistance zone, we can expect strong upside movement in Yes Bank shares.”
On the suggestion to Yes Bank shareholders, Bagadia said, “One can hold the scrip maintaining stop loss at ₹24 apiece. Fresh investors can also buy Yes Bank shares at current levels maintaining stop loss at ₹24. Every big dip in the stock should be considered as a big buying opportunity till Yes Bank share price is above ₹24 apiece level.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 29 Apr 2024, 09:23 AM IST
Ananya Das is your guide to the latest trends, viral sensations, and internet phenomena. Based on a keen understanding of digital culture, Sophie navigates the ever-evolving landscape of trending topics. With an insightful and engaging approach, she explores what’s buzzing across social media platforms, ensuring readers stay in the loop with the most talked-about and shareable content online.
