Reduce SBI Cards, target price Rs 500: InCred Equities

InCred Equities has placed a reduce call on SBI Cards and Payment Services, with a target price of Rs 500. They cite rising asset quality stress and increasing credit costs. SBI Cards reported a total income of Rs 4555.82 crore for Q3 FY24. Promoters own 68.61% stake in the company as of 30-Sep-2024.