Motilal Oswal Financial Services Limited

1) SBI Card gained as the Credit card spends recovers to pre-covid levels in August. Banks record Rs50311cr spends on Credit Cards in August compared with Rs50574cr in March.2) Tata Steel Long Products reported Q2 Net profit at Rs 59.1 crore versus Net loss at Rs 196.9 crore, Ebitda at Rs 183.6 crore versus Ebidta loss at Rs 41.8 crore. Expect positive for Tata Steel as it holds 75.91% stake of Tata Steel Long Products. #MOMarketUpdates #MotilalOswal #TATASteel #Indianstockmarket #SBI #SBIELite #SBICards #Sensex #Nifty

1) SBI Cards reported impressive Q1 results despite a lockdown period. Company reported Q1 Net revenue for the first quarter of Rs1137cr (up 52% YoY), Net profit Rs393cr (up 14% YoY), SBI Card approved Rising Rs1500cr via NCD over a year, SBI Card Moratorium accounts 1.5lakh in June vs 12.5 lakh in May, GNPA 1.35% vs 2.68% (YoY), operating profit Rs528cr (down 1% YoY) and provision coverage 68% vs 72% (YoY). 2) India is looking to privatise more than half of its state-owned banks to reduce the number of government-owned lenders to just five as part of an overhaul of the banking industry. The first part of the plan would be to sell majority stakes in Bank of India, Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab & Sind Bank, leading to an effective privatisation of these state-owned lenders, a government official said. #MOMarketUpdates #Governmentbank #SBIcards #BankofIndia #Privatisation