Shares of SBI Card were upbeat in anticipation of the dividend announcement that came after the markets closed for trading on Tuesday.

What Happened: The company in a regulatory filing informed that its Board of Directors approved a ₹2.5 interim dividend for FY23. The record date for the dividend payment is set at March 29 and the payout will be made by April 19. The stock halted its three-session losing streak on Tuesday ahead of the announcement.

On the fundamentals side, the company’s net profits saw a 32% year-over-year jump but dropped around 3% sequentially at ₹509.5 crore. The company’s overall Q3 results failed to impress analysts as domestic brokerages cut the target price for the stock after the results came out.

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Analysts at ICICI Securities revised the target price for the stock to ₹1,040 from ₹1,105 but maintained the ‘buy’ rating. HDFC Securities also slashed the price target to ₹1,020 from ₹1,196 while maintaining the ‘buy’ rating. It should be noted that despite the cut, the price targets translate to an over 40% upside in the stock.

Price Action: Shares of SBI Card were up 0.99% to close at ₹717.50 on Tuesday.

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