Saturday, June 19, 2021

STAY BULLISH IN SBI CARD

BUY SBI CARDS 500 SHARE ABOVE  1000  TARGET 1020/1050 SL 965
SELL SBI CARDS  500 SHARE BELOW 998 TARGET 978/948 SL 1028

SBI Cards & Payment Services shares plunged over 6 % yesterday  as Carlyle Group was looking to sell its stake worth Rs 5000 crore in the credit card company. About 1.9 crore shares had changed hands by noon against the daily average of 0.8 lakh.Over 5 crore shares of the company were traded. Bulk deal data will be released post-market hours. Total turnover stood at Rs 1907 crore at noon. On NSE, shares worth Rs 5013 crore were traded.The per share price band decided by the seller is Rs 1,002-1,041.30, which is at a 4.7% discount to Thursday’s closing price of Rs 1,051. The SBI Card stock has gained over 70% in the last one year. It has risen 18 % so far in 2021.The company's shares were listed at a steep discount over the issue price as the Covid-19 pandemic spooked the markets in March 2020. In March last year, SBI Cards, India’s second-largest credit card firm after HDFC, had launched its maiden initial public offer  in which Carlyle sold a 10% stake for Rs 7000 crore, making a gain of 8.5 times in three years.CA Rover Holdings is planning to offload 5 % stake in SBICARD.
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