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.
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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