Yes Bank surges as Nomura upgrades stock to Buy

Yes Bank, one of the leading private sector banks, surged on Monday after Nomura upgraded the bank to Buy from Neutralwith increasedtarget priceof Rs 615 from Rs 425 earlier.

"We believe a recent grant of 146 new branch licenses improves the outlook significantly for savings account traction going forward and underscores the RBI's appreciation of the bank's growth trajectory," Nomura said.

New branch licenses to boost CASA growth, drive strong NIM expansion,it added.

Shares of the bank are trading at Rs 522, up Rs 17.95, or 3.56% at the Bombay Stock Exchange (BSE) on Monday at 2:50 p.m.The scrip has touched an intra-day high of Rs 524.40 and low of Rs 506.55. The total volume of shares traded at the BSE is 211,855.In the earlier session, the shares declined 0.77%, or Rs 3.9, at Rs 504.05. Currently, the stock is trading down 2.43% from its 52-week high of Rs 535 and above 77.4% over the 52-week low of Rs 294.25.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 518.30 (14.25) (2.75) 1 Month 466.30 37.75 8.10 3 Months 413.10 90.95 22.02 6 Months 359.60 144.45 40.17 1 Year 325.95 178.10 54.64 Note: Based on previous day closing price.