Home Business Market SBI Cards share hits all-time high after parent infuses Rs 450 crore

SBI Cards share hits all-time high after parent infuses Rs 450 crore

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the country’s largest bank, the State Bank of India (SBI), touched an all-time high Rs 1,026 on Friday after the company received Rs 450 crore from its parent.

The second-largest card issuer in the country after HDFC Bank got the fund at an attractive fixed interest rate of 6.0 per cent per annum for 5 years.

Stock of SBI Cards & Payments opened with a gain of 2.74% at Rs 1,006 and touched day’s high of Rs 1,026 in the early session, rising 4.78%. The stock also touched day’s low of Rs 979 against the last close of Rs 979.15.

SBI Cards stock is trading higher than 5, 20, 50, 100 and 200-day moving averages.

The stock has risen 6% in one week and 23% in a month.

Market capitalisation of SBI Cards stood at Rs 96,027.65 crore. The stock has touched a 52-week high of Rs 1,026 and a 52-week low of Rs 495.25. Share of SBI Cards of Rs 10 face value has risen 19% a year-to-date basis.

The company had earlier seen its gross NPAs doubling to 4.29 per cent in the second quarter (July-Sept) of 2020-21. The gross NPAs stood at 1.61 per cent of gross advances in December 2020 as against 0.83 per cent a year ago.

The proforma gross NPAs, however, touched 4.51 per cent.

The Supreme Court had earlier directed that loan accounts that were not declared NPAs (which is a stage 3 ) till August 31, 2020, shall not be classified as NPAs until further notice. However, if the company had classified such borrower accounts as NPAs after August 31, 2020, its proforma gross NPAs would have been 4.51 per cent.

Courtesy – MSN

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