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22 April, 2021 09:09 IST
Yes Bank shoots up 10% after Brickwork Ratings upgrades rating
Source: IRIS | 09 Dec, 2020, 01.43PM
Rating: NAN / 5 stars.
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Shares of Yes Bank hits upper circuit of 10% in the noon trade on Wednesday after the bank announced that Brickwork Ratings has upgraded the rating of Tier I Subordinated Perpetual Bonds (Basel II) from BWRD to BWR BB+/ Stable. Brickwork Ratings (BWR) upgrades the rating of Tier I Subordinated Perpetual Bonds (Basel II)to BWR BB+/ Stable from BWR D of Yes Bank Limited (YBL or the bank). The rating upgrade factors in improvement in capitalisation ratios of the bank, strong shareholder base and experienced board members.

"The bank has a strong shareholder base with State Bank of India holding 30% stake as on Sept.30, 2020 and the bank has an experienced board of directors with Prashant Kumar as the managing director and chief executive officer (MD & CEO)," stated Brickwork Ratings.

The rating is however constrained by the weak asset quality, impacting the profitability and moderate resource profile of the bank. The gross non-performing assets (NPAs) and net NPAs stood at 16.9% and 4.7% respectively as on Sept.30, 2020. The ability of the bank to control slippages on account of COVID-19 related stress is a key monitorable, it said.

Shares of Yes Bank  are trading at Rs 19.06, up Rs 1.73, or 9.98%  at the Bombay Stock Exchange (BSE) on Wednesday at 12:16 p.m.

The scrip has touched an intra-day high of Rs 19.06 and low of Rs 18.03. The total volume of shares traded at the BSE is 97,126,713.In the earlier session, the shares rose 9.96%, or Rs 1.57, at Rs 17.33.

Currently, the stock is trading down  78.33% from its 52-week high of Rs 87.95  and above 243.42% over the 52-week low of Rs 5.55.

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