SBI Card share price soars to Rs 792.55, after posting strong quarterly results

SBI Card share price has soared around 5 per cent after the strong quarterly results being reported by the SBI Cards and Payment Services Limited yesterday. The State Bank of India (SBI) subsidiary had a closing of Rs 765.90 yesterday and today, it rose by around Rs 41.55 to Rs 792.55. According experts, SBI Card results are quite good and in next three to six months, shares can go northward up to Rs 850.

Speaking on the SBI Card share price, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "SBI Card shares have a strong chart that indicates the counter may go up to Rs 850 per stock levels. but, one should not buy at current levels as it has gone very high. One should wait for the short-term investors' profit-booking and take fresh position at around Rs 750 to Rs 760 levels maintaining the stop loss at Rs 710."

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Giving details about the fundamentals of SBI Card, Prakash Pandey, MD & CEO at Plutus Advisors siad, "SBI Card results announced yesterday reveal its strong fundamentals. Its gross NPA has gone down, its collections have gone up while the advances have also gone down. All these reflect strong fundamental support for SBI card shares. Apart from this, a big name like SBI is its promoter, which is also enough to push the counter in short term. In very short-term time horizon, I am expecting the SBI Card shares to hit Rs 810 to Rs 815 levels."

Yesterday, SBI Card results reported 14 per cent Profit After Tax (PAT) growth to Rs 393 crore in the Q1FY2021 against Rs 364 crore in Q1FY2020.