Shares of Yes Bank jumped over 9.83 per cent in early morning trade on Wednesday. At 9:58 a.m., the shares were trading at Rs 19, up 9.5 per cent from its previous close of Rs 17.30.
Following the reports of the Association of Mutual Funds in India (Amfi), the shares of the troubled bank have hit its upper circuit. According to it, there is a higher probability for Yes Bank to switch from mid-cap to large-cap category, with an average market cap of Rs 333 billion. The stock has gained 23 per cent since the beginning of this week.
Amfi is expected to release a fresh list of stocks categorized into large caps, mid caps, and small caps by 5th January 2021, based on the average market cap for H2CY20. Brickwork Ratings said that it has upgraded the ratings of Yes Bank’s Tier I Subordinated Perpetual Bonds (Basel II) of Yes Bank to BWR BB+/ Stable. The upgrade of the Tier I Subordinated Perpetual Bonds depends on the factors which include capitalization ratios, strong shareholding base and experienced board members on its board, it added.
On Tuesday, the private sector lender has launched Yes Private Prime Credit Card for affluent and ultra-high net worth individuals of India. It is thoughtfully curated for providing the best offerings with global privileges and experiences across travel, hospitality, lifestyle, dining, entertainment, and wellness, among others, said the bank in a release.