YES Bank Ltd shares will be in focus on Thursday as the bank clarified its tie-up with a fintech startup, LeRemitt, stating it’s in the early stages and won’t significantly impact its business volumes or revenues.
In a BSE filing, YES Bank emphasized that this partnership is part of its routine business to provide digital solutions for MSME customers.
BSE sought clarification from YES Bank after media reports surfaced about the tie-up. YES Bank shares closed at Rs 29.83 on Wednesday, up 17.35% on BSE.
Prabhudas Lilladher noted a steady rise in YES Bank’s stock from Rs 16, forming higher-lows pattern on the daily chart. After peaking near Rs 26.25 and a brief correction, the stock found support near the significant 50EMA level around Rs 22.60, witnessing a breakout above Rs 26.25 with bullish candle formations, indicating a positive bias. Prabhudas Lilladher expects the stock to reach Rs 32 initially, with potential to reach Rs 35 and Rs 44 levels.
The brokerage maintains near-term support around Rs 22.60.
Recently, YES Bank received approval from the Reserve Bank of India (RBI) for HDFC Bank Limited to acquire up to 9.50% of YES Bank’s paid-up share capital or voting rights. However, if HDFC Bank fails to acquire a major shareholding within a year from the RBI’s intimation, the approval will be revoked.