There is going to be a tremendous jump in the share price of credit card company SBI Cards and Payment Services Limited (SBI Card). Brokerage Yes Securities and ICICI Securities both estimate that the share price may cross Rs 1000.
What are Brokerages called? Analysts at Yes Securities are giving a buy call to SBI Cards stock saying that its price may go towards the Rs 1,260 level. SBI Cards has set this target for the next 12 months. This represents a potential increase of over 50 per cent from the current level.
According to brokerage ICICI Securities, SBI Cards has given a buy rating and has set a target price of Rs 1,060. Let us tell you that at present the share price is at the level of Rs 820. On September 1, 2021, the share price was at Rs 1,164.65, which is the highest level of 52 weeks.
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SBI Cards and Payment Services Ltd reported a more than three-fold jump in its net profit at Rs 580.8 crore for the quarter ended March 2022 as against Rs 175 crore in the same quarter of the previous fiscal. The Gross NPAs and Net NPAs of the Company as on March 31, 2022 are 2.22% and 0.78% respectively as compared to 4.99% and 1.15% respectively during the same period a year ago.