Shares of Yes Bank Ltd. surged over 12% on Tuesday after HDFC Bank Group received regulatory approval to increase its stake in the private sector lender.
HDFC Bank received the green signal from the Reserve Bank of India to acquire as much as 9.5% stake in six banks including Axis Bank Ltd., Suryoday Small Finance Bank Ltd, ICICI Bank Ltd., Bandhan Bank Ltd., Yes Bank Ltd., and IndusInd Bank Ltd.
HDFC Bank already holds a 3% stake in Yes Bank, according to shareholding data available on the BSE.
Yes Bank's stock rose as much as 12.71% during the day to Rs 25.70 apiece on the NSE. It was trading 10.75% higher at Rs 25.25 per share, compared to a 0.53% advance in the benchmark Nifty 50 at 12.04 p.m.
The share price has risen 50.75% in the past 12 months. The total traded volume so far in the day stood at three times its 30-day average. The relative strength index was at 59.9.
Six out of the 13 analysts tracking Yes Bank have a 'buy' rating on the stock, as many recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 22.4%.
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