SBI Cards share reclaims Rs 700 mark, closes over 4% higher

SBI Cards share closed over 4% higher today amid signs of recovery in auto sales for June last week.  SBI Cards and Payment Services share ended 4.21% or Rs 28.40 higher at Rs 703.25 against  previous close of Rs 674 on NSE. The stock opened at Rs 678 and touched an intraday high of Rs 704.90. On BSE, the share closed 3.59% or Rs 24 higher at Rs 699. It touched an intraday high of Rs 705 , up 4.48%.  

The stock has been gained 10.78% in the last 4 days.

SBI Cards stock price has risen 11.69% in one month compared to 6.42% rise in Sensex. The stock stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Market cap of the firm rose to Rs 65,633 crore. The stock hit a 52 week high of Rs 769 on March 18, 2020, and a 52-week low of Rs 495.25 on June 22, 2020.

By the closing session today, market capitalisation of the firm stood at Rs 60,989.94 crore. Shares of SBI Cards closed 2.94% or 18 points higher at Rs 649.55 on BSE today.
The rise in share price accompanies a rally in auto stocks which led the market into green territory today. Major automobile manufacturers, including Maruti Suzuki India, Hyundai, Toyota and Mahindra & Mahindra, reported a big dip in June sales, though fared better as compared to May as companies gradually ramped up operations after relaxation in lockdowns.

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In the two-wheeler segment, market leader Hero MotoCorp reported 26.88 per cent dip in sales last month at 4,50,744 units as compared to the same period of last year.

The company's dispatches last month, however, grew four-fold when compared to May this year.

The rise in sales of auto sector after the COVID 19 lockdown signals recovery in the economy. This a good sign for India's second-largest credit card player SBI Cards which was listed on the bourses this year.

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Meanwhile, shares of parent firm State Bank of India closed 1.79% higher at Rs 188 on BSE.  During the session, the stock gained 2.71% to Rs 189.75 on BSE.

Share Market Highlights: Sensex ends 465 points higher, Nifty at 10,763; M&M, HDFC Bank top gainers

By Aseem Thapliyal