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Yes Bank Up 10% For The Second Day On Possible Upgrade To Large Cap

By Staff
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Shares of Yes Bank rose 9.83% on Wednesday to Rs 19, continuing its winning streak of the last few sessions, over expectations of its upgrade to the large-cap category by the mutual fund industry body. The stock has gained 23% this week.

Shares of the bank closed at Rs 15.35 on Friday.

Yes Bank Up 10% For The Second Day On Possible Upgrade To Large Cap
 

A report by ICICI Securities (I-Sec) said that there is a high probability of YES Bank, Adani Enterprises, PI Industries and Hindustan Aeronautics to be upgraded from mid-cap to large-cap in the proposed AMFI reclassification of stocks based on market capitalisation.

As per SEBI's mandate, Association of Mutual Funds in India (AMFI) is expected to release a fresh list for categorisation of stocks into large-cap, mid-cap and small-cap categories by 5 January 2021, based on the average market cap of these companies in the second half of 2020.

ICICI Securities said that Bank of Baroda, General Insurance Corporation, Container Corporation and United Breweries have a high probability to move from large-cap to mid-cap, while MRF and NDMC have low probability to enter the mid-cap space.

As for Yes Bank, the rally in share price on Wednesday was also supported by rating upgrade by Brickwork Ratings of its Tier I Subordinated Perpetual Bonds (Basel II) to BWR BB+/ Stable. The upgrade factors in improvement in capitalisation ratios of the bank, strong shareholder base and experienced board members, the rating agency said.

The private sector lender also launched Yes Private Prime Credit Card for India's affluent and ultra-high net worth individuals this week.

Read more about: yes bank
Story first published: Wednesday, December 9, 2020, 11:26 [IST]
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