Shares of SBI Card and Payment Services gained 2 per cent to Rs 939 on the National Stock Exchange (NSE) in the intra-day deals on Tuesday after net profit of State Bank of India s credit card arm more-than-doubled to Rs 175 crore in the March quarter (Q4) of financial year 2020-21 (FY21) compared with the Rs 84 crore it reported in the corresponding period last year. This was because of lower provisions and a significant jump in other income and income from fees and services. Its interest income declined 20 per cent year-on-year (YoY) to Rs 1,072 crore in Q4, while other income more than doubled to Rs 159 crore. The company s asset quality front worsened on a yearly and squential basis with the gross non-performing assets (GNPAs) at the end of Q4 at 4.99 per cent as against 2.01 per cent as on March 31, 2020 and 4.5 per cent at the end of Q3FY21. Net NPAs were at 1.15 per cent as against 0.67 per cent at Q4FY20.
Here are the top stocks to track today:
Tech Mahindra: The IT major on Monday reported net profit of Rs 1,081 crore for the fourth quarter ended March 31, 2021, up 34.6 per cent year-on-year (YoY). On a sequential basis, the figure was down 17.4 per cent from Rs 1,309.8 crore. The company misses estimates of over 50 per cent jump in Q4 PAT.
SBI Card: SBI Cards and Payment Services (SBI Card) reported a net profit of Rs 175 crore in the March quarter of FY21, up 110 per cent compared to Rs 84 crore in the same period last year due to lower provisions and a significant jump in other income and income from fees and services.
BUY SPARC | CMP: Rs 152 | Target: Rs 175-185 | Stop Loss: Rs 138 The stock has witnessed a decent correction from the peak of 194 levels and has currently bottomed out near 140 levels, indicating a trend reversal to improve the bias. The chart looks attractive with the RSI also improving the bias and indicating a trend reversal to signal a buy. We suggest to buy and accumulate this stock for an upside target of 175-185 keeping the stop loss of 138.
BUY SBI CARDS | CMP: Rs 974 | Target: Rs 1,100-1,140 | Stop Loss: Rs 920 The stock has witnessed a decent correction from the peak of 1139 levels and has bottomed out near 920 levels indicating a trend reversal to improve the bias. The chart looks attractive with the RSI also improving the bias and indicating a trend reversal to signal a buy. We suggest to buy and accumulate this stock for an upside target of 1100-1140 keeping the stop loss of 920.
Here are the top stocks to track in today s session:
Vedanta: Anil Agarwal-led Vedanta Resources Plc on Tuesday raised the open offer price for buying shares in its Indian firm to Rs 235 per share, nearly 4 per cent higher than the current trading price. It also raised the offer size to 651 million shares representing 17.5 per cent stake in Vedanta from 10 per cent it had offered to buy earlier.
Magma Fincorp: The company will pare its shareholding in insurance venture Magma HDI by selling stake to ICICI Venture, Morgan Stanley PE, a Poonawalla Group firm and other entities in a Rs 525 crore-deal.
Here are the top stocks to track in today s session:
Tata Consumer, GAIL: The Tata Group firm will replace GAIL India in Nifty50 Index from March 31, 2021.
NTPC: State-owned NTPC said it has signed a share purchase agreement to buy GAIL s 25.51 per cent stake in Ratnagiri Gas and Power Pvt Ltd (RGPPL), which is commonly known as Dabhol project. In other news, the company raised Rs 900 crore through issuance of unsecured, redeemable, taxable, listed, rated non-convertible debentures.
SPARC: Sun Pharma Advanced Research Company (SPARC) said the USFDA has ruled against its appeal related to Taclantis, its under development product for treatment of breast cancer.