SBI Cards share price hit its all-time high of Rs 769 on March 18 and all-time low of Rs 501 on April 16 this year. 
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SBI Cards share price hit its all-time high of Rs 769 on March 18 and all-time low of Rs 501 on April 16 this year. SBI Cards and Payment Services share price rose over 2% in early trade ahead of the credit card player's first set of quarterly earnings today since its listing in March this year. Share price of SBI Cards and Payment Services gained 2.44% to Rs 587.80 compared to the previous close of Rs 573.80 on BSE.
The stock hit an intra day low of Rs 575. Total 0.29 lakh shares of SBI Cards changed hands amounting to turnover of Rs 1.70 crore on BSE. It hit an intra day low of Rs 542.
Market cap of SBI Cards rose to Rs 54,558 crore.Meanwhile, share price of parent company SBI was trading flat at Rs 172 on BSE.
SBI Cards share price hit its all-time high of Rs 769 on March 18 and all-time low of Rs 501 on April 16 this year.
The subsidiary of India's largest bank SBI has performed exceptionally well on the financial front with its profit after tax (PAT) rising consistently since 2017. Net profit rose from Rs 373 crore in FY17 to Rs 601 crore in FY18. Profit rose further to Rs 863 crore in FY 19 and the firm logged Rs 1,161-crore profit in the first nine months of FY20.
Total loans and advances, which form part of the firm's assets, rose from Rs 9,983 crore in FY17 to Rs 23,933 crore in the first nine months of FY20. Interest income rose from Rs 17.5 crore in FY17 to Rs 20.7 crore in the first nine months of FY20.
"To consider and approve Audited Financial Result for the quarter and year ended March 31, 2020. b) To consider declaration and payment of the Interim Dividend on the Equity Shares' if any, for the financial year 2019-20. The interim dividend, if declared , shall be paid to the equity shareholders of the company whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Monday, May 18, 2020 which is the "Record Date" fixed by the Company for the purpose, in terms of Regulation 4 2 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," the firm said in a communication to BSE.
Holding SBI Cards share? Here's why it may rally 30% in an year
SBI Cards share price has been trading below its listing price since March 23. The stock listed at Rs 658 on BSE on March 16 this year. On NSE, the share made its debut at Rs 661, a discount of 12.45% to the issue price.
The stock has lost 14.18% f to its listing price. The stock listed at a discount of 13% to the issue price. SBI Cards IPO, which was held from March 2 to March 5, was subscribed 26.54 times on its last day despite weak market conditions.
On NSE, SBI Cards share listed at Rs 661, a discount of 12.45% to the issue price. Price band for the IPO was fixed at Rs 750 to Rs 755 per share.
The IPO which initially attracted lot of investor attention could not deliver listing gains due to crash in global and domestic markets.
Global and domestic markets had started feeling the effect of global slowdown due to rising number of coronavirus cases across the world. SBI Cards IPO hit the market when Nifty was down 8% and Sensex had lost over 7% since the beginning of this year.
By Aseem Thapliyal
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