Why Yes Bank shares are skyrocketing for last two sessions — explained

On why Yes Bank shares are skyrocketing for the last two straight sessions, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “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 near two year tussle of debt repayment. These reports say that Yes Bank’s asset restructuring arm has taken a cut to the tune of 75 per cent and now Subhash Chandra would pay ₹1500 crore instead of ₹6500 crore. But, this ₹1500 crore would be paid in one time.”

Yes Bank share price target

Advising Yes Bank shareholders to further hold the stock, Sumeet Bagadia, Executive Director at Choice Broking said, “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. However, one must maintain stop loss at ₹16.50 apiece levels while waiting for these near term targets.”

Advising fresh investors to wait for an official statement, Avinash Gorakshkar of Profitmart Securities said, “Fresh investors are advised to wait for an official confirmation as current rise is completely speculative. The stock may fall in same speed if no official statement comes from any of the party involved in this debt restructuring deal.”

ZEEL share price in focus

Avinash Gorakshkar said that the deal is important for ZEE-Sony merger as it would pave way for smooth Zee-Sony merger.

On advice to stock market investors in regard to ZEEL shares, Sumeet Bagadia of Choice Broking said, “ZEEL share price would give sharp upside movement after sustaining above ₹270 apiece levels. So, those who have ZEEL shares in their portfolio, they are advised to hold the stock with stop loss at ₹250 apiece levels for the near term target of ₹290 to ₹300 per equity share.”

Updated: 04 Sep 2023, 10:15 AM IST