YES Bank Clarifies Arrangement with Startup LeRemitt at Nascent Stage

Shares of YES Bank will be in focus as the private lender clarifies its arrangement with fintech startup LeRemitt, stating that it is currently in its early stages and has no significant impact on the bank’s business volumes or revenues. The news regarding the tie-up with LeRemitt is part of YES Bank’s normal course of business to provide digital solutions for its MSME customers.

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The clarification comes in response to a media portal’s report, which prompted BSE to seek clarification from YES Bank. On Wednesday, YES Bank shares settled at Rs 29.83, recording a 17.35% increase on the BSE.

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An analysis by Prabhudas Lilladher reveals that YES Bank stock has experienced a rally from Rs 16 levels, forming a series of higher-lows pattern on the daily chart. The recent peak near Rs 26.25 was followed by a short correction, leading to a cooling off from the overheated zone.

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Currently, the stock finds support near the significant 50EMA level of Rs 22.60. It witnessed a breakout above the previous peak, forming a series of bullish candle formations that have improved the bias once again. The higher low pattern formation also adds to the positive bias. Prabhudas Lilladher predicts the stock to rise towards the initial target of Rs 32, and if the strength continues, it may achieve the subsequent targets of Rs 35 and Rs 44.

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The near-term support for YES Bank lies near the Rs 22.60 zone, according to the brokerage.

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In other news, YES Bank recently received communication from the Reserve Bank of India (RBI) regarding HDFC Bank Limited‘s approval to acquire up to 9.50% of the bank’s paid-up share capital or voting rights. The RBI specified that if HDFC Bank fails to acquire a major shareholding within one year, the approval would be canceled.