Synopsis: Yes Bank's shares surged by 8% after announcing strong Q4 results for 2024. The bank reported a significant increase in net profit compared to the previous year. Analysts are optimistic about the stock's future performance, advising shareholders to hold with a stop loss at ₹24 per share.
Yes Bank's quarterly report for the January-March period of FY24 reveals a notable surge in net profit, reaching ₹451 crore, marking a 123% increase from ₹202 crore in the corresponding period last year, as per expert analysis.
Following the announcement of robust Q4 results for 2024 on Saturday, Yes Bank shares experienced vigorous buying activity during early morning trading on Monday. The share price opened higher at ₹27.50 each on NSE and swiftly rose to an intraday peak of ₹28.55 per share shortly after the market opened, marking an 8% intraday gain.
Market analysts attribute the current surge in Yes Bank's stock to its impressive quarterly performance. They anticipate further upward momentum, suggesting shareholders to retain their holdings with a stop loss at ₹24, while eyeing near-term targets of ₹30 and ₹32 per share. With the share price nearing its 52-week high of ₹32.85, optimism is high.
Commenting on the Q4 results, Amit Goel, Co-Founder and Chief Global Strategist at Pace 360, highlighted the substantial profit growth and improvements in asset quality, while noting the bank's transition to a PSP Payment Bank.
Analyzing the results further, Shreyansh V Shah, Research Analyst at StoxBox, emphasized Yes Bank's strong bottom line growth driven by increased other income and reduced provisions, signaling resolution of legacy issues.
Regarding the share price outlook, Sumeet Bagadia, Executive Director at Choice Broking, emphasized a strong support level at ₹24 per share and identified resistance at ₹30 to ₹32, suggesting potential for significant upside upon breaching this level. Bagadia advises holding existing shares with a stop loss at ₹24, and sees buying opportunities on dips above this level.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies. We advise investors to check with certified experts before making any investment decisions.
