At 09:15 am, around 41.89 million equity shares, representing 4.5 per cent of total equity of SBI Cards and Payment Services, changed hands on the counter on the BSE, exchange data shows
The shares are being offered in a range between Rs 981.8 and Rs 1,022 apiece
The company said it will raise the money in one or more tranches over a period of time
The firm looks to issue debt securities in one or more tranches
The firm's m-cap is now more than that of Tata Motors, Shree Cement, and JSW Steel
At 03:29 pm, SBI Cards recorded an m-cap of Rs 1.01 trillion and stood at 34th position in the overall ranking, BSE data showed
At 11:18 am, SBI Card's m-cap stood at Rs 98,000 crore, after hitting high of Rs 98,350 crore in intra-day trade on the BSE
Asset quality needs monitoring as Q3's gross NPA ratio of 4.5 per cent is higher than average
With adequate provisions already accounted in earnings, growth steadily making a comeback led by spends and fresh card issuances, analysts see SBI Cards to be an early player exiting out of Covid-19
Impairment losses and bad debts jumped 72 per cent YoY in Q3FY21 to Rs 648 crore
All the key sectoral indices ended the day in a sea of red
In the past one month, SBI Card outperformed the market by gaining 23 per cent, as compared to 6 per cent rise in the S&P BSE Sensex
Adani Enterprises, Berger Paints (I), Bharti Airtel, Eicher Motors, Grasim Industries are among the other notable names
The stock of Syngene International is also sustaining above its important moving averages
Analysts believe the credit card growth story has just started unfolding with visibility of multi-year growth
Penetration opportunity, shift to digitalisation will remain long-term triggers for the stock
Earlier, on July 21, 2020, the stock had gained 6.2 per cent in intra-day trade, exchange data shows.
The stock of SBI Cards has taken support near 770 levels to make a double bottom formation pattern in the daily chart and has picked up momentum to improve the bias
Analysts remain positive on SBI Cards' long term structural story and the spends inching toward pre-Covid levels.
Defaulting on card dues could restrict access to credit in future