E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings – Money management
You are at:Home»Business»SBI Cards shares jump 4% intraday as credit card spend hits fresh high in May; brokerages see up to 51 upside
Business

SBI Cards shares jump 4% intraday as credit card spend hits fresh high in May; brokerages see up to 51 upside

By June 28, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

SBI Cards and Payment Services shares jumped over 4 per cent intraday to touch a day’s level of Rs 790.75 per share on the BSE intraday trade on Monday as the credit card (CC) spend in May surged. The stock closed nearly 1 per cent higher to Rs 767 per share on the BSE

Credit card spends grew 8 per cent month-on-month (MoM) to Rs 1.14 trillion in May 2022 and the same grew a strong 118 per cent year-on-year (YoY), up over 23 per cent on a three-year CAGR basis. 

Spends remained strong and continued their healthy momentum over May, led by the rising share of e-commerce transactions, which will keep growth in spends buoyant. Players such as SBI Cards will continue their strong performance, Motilal Oswal said in its report. 

While JP Morgan stated that Industry spends hit an all-time high; net issuance strong at 1.7 million, while all major card players saw an increase in spends MoM, led by SBI Cards. 

The linking of credit cards to UPI could help translate these transactions to credit card transactions, thus boosting industry spends over the long term, as the RBI has proposed the roll-out to start with RuPay cards and then for the rest of the cards, Axis Securities said in its report.  

The brokerage continues to believe that strong tailwinds will drive growth for the credit card industry over the long term and picked SBI Cards along with ICICI Bank as best bet in the segment.  

Another brokerage firm Kotak Institutional Equities maintained a Buy rating on SBI Cards with a target price of Rs 1150 per share, which implies an upside of 51 per cent. 

Similarly, Morgan Stanley gives an Overweight rating on SBI Cards, and said daily spending data from RBI suggests strength in spending sustained into June. It sets a target price of Rs 1100 per share, which implies an upside of around 48 per cent. 



[ad_2]

Source link

Related Posts

Air Duct Repair 101: Everything You Need To Know

By Corbin BowenFebruary 2, 2023

Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant

By January 5, 2023

LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer

By January 5, 2023

Foreign universities will need UGC’s nod to set up campuses in India

By January 5, 2023
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.