SBI Cards and Payment Services share price rose 3% intraday after the subsidiary of India's largest bank SBI announced that its board plans to consider Q4, FY2020 results and interim dividend on May 8, 2020. Share price of SBI Cards and Payment Services gained 2.85% to Rs 568.70 compared to the previous close of Rs 552.90 on BSE.
It closed 2.34% or 13 points higher at Rs 565.85 on BSE. Total 1.61 lakh shares of SBI Cards changed hands amounting to turnover of Rs 8.93 crore on BSE. It hit an intra day low of Rs 542.
"To consider and approve Audited Financial Result for the quarter and year ended March 31, 2020. b) To consider declaration and payment of the Interim Dividend on the Equity Shares' if any, for the financial year 2019-20. The interim dividend, if declared , shall be paid to the equity shareholders of the company whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Monday, May 18, 2020 which is the "Record Date" fixed by the Company for the purpose, in terms of Regulation 4 2 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," the firm said in a communication to BSE.
SBI Cards share price has been trading below its listing price since March 23. The stock listed at Rs 658 on BSE on March 16 this year. On NSE, the share made its debut at Rs 661, a discount of 12.45% to the issue price.
The stock has lost 14.18% compared to its listing price. The stock listed at a discount of 13% to the issue price. SBI Cards IPO, which was held from March 2 to March 5, was subscribed 26.54 times on its last day despite weak market conditions.
On NSE, SBI Cards share listed at Rs 661, a discount of 12.45% to the issue price. Price band for the IPO was fixed at Rs 750 to Rs 755 per share.
The IPO which initially attracted lot of investor attention could not deliver listing gains due to crash in global and domestic markets. Global and domestic markets had started feeling the effect of global slowdown due to rising number of coronavirus cases across the world. SBI Cards IPO hit the market when Nifty was down 8% and Sensex had lost over 7% since the beginning of this year.