Yes Bank surges 7% after lender gets Rs 150 crore in security receipts portfolio

Shares of YES Bank have surged about 63 percent from its 52-week low at Rs 14.10 hit on October 23, 2023.

The Yes Bank stock surged 7 percent on January 1 to inch closer to its 52-week high of Rs 23.05 following the private lender's declaration of receiving Rs 150 crore from a single trust in security receipts portfolio after NPA portfolio sale. Renewed investor interest may keep the stock in the green for the short term.

Yes Bank informed the exchanges on December 31 about the receipt of funds from a single trust. "This is with reference to our earlier disclosure pertaining to the sale of NPA portfolio to JC Flowers ARC on December 17, 2022.... The Bank would like to inform that it has received Rs 150 crore from a single trust in the security receipts portfolio," the lender said.

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"Since this amount (in excess of the underlying carrying value of the trust), is more than the materiality threshold as prescribed under the amended Listing Regulations, the said event, is being hereby disclosed under Regulations 30 of Listing Regulations," the lender said.

Following the announcement, the sharp rally in share price pushed Yes Bank's total market capitalisation of close to Rs 66,000 crore. At 1:20pm, the stock pared some gains to trade 4.6 percent higher at Rs 22.45 on the National Stock Exchange (NSE). The scrip had settled at Rs 21.46 in the previous trading session on Friday.

Shares of YES Bank have surged about 63 percent from its 52-week low of Rs 14.10 hit on October 23, 2023. The stock has rallied 37 percent in the last six months. In comparison, the benchmark Nifty 50 has risen 12.50 percent during this period.

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