SBICARD

BENGALURU, Oct 14 (Reuters) - LG Electronics India LGEL.NS made a stellar stock market debut on Tuesday, listing at a premium of 50% to its issue price of 1,140 rupees per share.

This is the best listing for a billion-dollar Indian initial public offering since Eternal ETEA.NS, the parent company of food delivery and restaurant-listing platform Zomato, debuted in 2021.

Here's a look at how India's other billion-dollar IPOs have done this decade:

SBI CARDS AND PAYMENT SERVICES (MARCH 2020)

The credit card arm SBIC.NS of India's largest lender, State Bank of India SBI.NS, slid about 13% in market debut, as the COVID-19 pandemic worries dampened enthusiasm for one of the country's largest public listings.

ETERNAL, FORMERLY KNOWN AS ZOMATO (JULY 2021)

The food and grocery delivery platform listed at a premium of 51.3% to its issue price, giving the startup a valuation of about $13 billion and setting the stage for other domestic startups waiting in the wings with listing plans of their own.

ONE97 COMMUNICATIONS (NOVEMBER 2021)

The parent of digital payments start-up, Paytm PAYT.NS, made one of the worst major Indian stock market debuts as its shares listed at a 9% discount and closed the first day 27% below its offer price due to concerns over profitability and lofty enterprise value.

LIFE INSURANCE CORPORATION OF INDIA (MAY 2022)

Shares of India's biggest insurer LIFI.NS slid nearly 9% in market debut amid broader market volatility and concerns over its market share loss to rivals.

HYUNDAI MOTOR INDIA (OCTOBER 2024)

The automaker's shares HYUN.NS fell 1.5% on listing after retail investors gave a lukewarm reception to the country's biggest-ever IPO amid concerns about a lofty valuation and an auto industry slowdown.

SWIGGY (NOVEMBER 2024)

The SoftBank-backed food and grocery delivery platform SWIG.NS listed at a 5.6% premium and extended gains through the day, signaling growing investor confidence in the segment.

NTPC GREEN ENERGY (NOVEMBER 2024)

The renewable energy firm's shares NTPG.NS jumped as much as 14% on their debut, as investors bet on the country's growing clean energy needs and the company's diversified portfolio.

HDB FINANCIAL SERVICES (JULY 2025)

Non-banking financial lending arm HDBF.NS of the country's largest private lender HDFC Bank HDBK.NS jumped about 13% on listing, notching a valuation of $8.2 billion, as investors bet on long-term growth prospects in the world's most populous country.

TATA CAPITAL (OCTOBER 2025)

India's third-largest non-bank lender TATC.NS made a muted debut, listing slightly higher than its issue price at a $15.78 billion valuation, with investors seemingly not that keen on the Tata Group's first IPO in two years due to a crowded IPO market and lack of valuation discount to listed peers.

(Reporting by Vivek Kumar M; Editing by Rashmi Aich)

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Sept 25 (Reuters) - Interglobe Aviation Ltd INGL.NS:

• SBI CARD - SBI CARD AND INDIGO FORM STRATEGIC PARTNERSHIP

Source text: ID:nBSE15F1Rf

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BENGALURU, July 25 (Reuters) - India's SBI Cards and Payment Services SBIC.NS reported first-quarter profit below expectations on Friday, weighed by a surge in the credit card service provider's write-offs.

The country's lenders are grappling with rising bad loans , particularly in sectors such as microfinance, credit cards and personal loans. Analysts have attributed this to over-leveraging and an increase in loans outstanding per borrower.

SBI Card - majority owned by the country's largest lender, State Bank of India SBI.NS - reported a 6.5% fall in profit after tax to 5.56 billion rupees ($64.3 million) for the three months ended June. The profit was also lower than analysts' average expectations of 5.86 billion rupees, according to data compiled by LSEG.

This also marked the fourth quarter of a profit drop for SBI Card, which has faced elevated delinquencies over the last few quarters.

The company said gross write-offs jumped 32% from a year earlier to 12.80 billion rupees.

Overall spending by cardholders rose 21% to 932.44 billion rupees, while cards-in-force, or the sum of all credit cards issued, rose 10% from last year.

The company's revenue from operations rose 12% on-year to 48.77 billion rupees.

Its gross non-performing assets ratio improved slightly to 3.07% from 3.08% in the previous quarter, but was marginally higher than 3.06% a year earlier.

($1 = 86.4920 Indian rupees)

(Reporting by Nishit Navin; Editing by Subhranshu Sahu and Leroy Leo)

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July 10 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• CHIEF RISK OFFICER SHANTANU SRIVASTAVA RESIGNS

Further company coverage: SBIC.NS

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July 1 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• RECEIVES SHOW CAUSE NOTICE FROM TAX DEPARTMENT

• NOTICE PROPOSES TO DISALLOW INPUT TAX CREDIT OF 819.3 MILLION RUPEES

Source text: ID:nNSE9mhMM7

Further company coverage: SBIC.NS

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April 24 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• Q4 PAT 5.34 BILLION RUPEES

• Q4 TOTAL REVENUE FROM OPERATIONS 46.74 BILLION RUPEES

Source text: [ID:]

Further company coverage: SBIC.NS

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Feb 17 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• SBI CARDS AND PAYMENT SERVICES LTD - DECLARES INTERIM DIVIDEND OF 2.50 RUPEES PER SHARE

• SBI CARDS AND PAYMENT SERVICES - APPOINTS SALILA PANDE AS MANAGING DIRECTOR & CEO

Source text: ID:nBSEbNQWBK

Further company coverage: SBIC.NS

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Jan 28 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• Q3 PAT 3.83 BILLION RUPEES; IBES PROFIT EST. 4.59 BILLION RUPEES

• Q3 TOTAL REVENUE FROM OPERATIONS 46.19 BILLION RUPEES

Source text: ID:nBSE1nssvf

Further company coverage: SBIC.NS

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Dec 6 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• SBI CARDS AND PAYMENT SERVICES LTD - SURPASSED 20 MILLION CARDS IN FORCE MARK

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Oct 29 (Reuters) - India's SBI Cards and Payment Services SBIC.NS reported a 33% drop in second-quarter profit on Tuesday, as bad loans write-offs and provisions rose.

Profit after tax fell to 4.04 billion rupees ($48.1 million) for July-September from 6.03 billion rupees a year earlier.

Indian lenders have been grappling with elevated bad loans in unsecured segments like credit card.

SBI Card, backed by India's largest lender State Bank of India SBI.NS, said that write-offs and provisions for bad loans jumped 63% to 12.12 billion rupees for the quarter.

Its non-performing assets as a percentage of gross advances worsened to 3.27% at the end of September from 2.43% a year earlier.

Cards-in-force, or the sum of all credit cards issued, rose 10% from the year earlier at the end of September.

Spends by cardholders, or the aggregate amount transacted, grew 3% to 818.93 billion rupees.

Total revenue from operations rose 8% to 44.21 billion rupees from a year earlier.

($1 = 84.0530 Indian rupees)

(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala)

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Oct 10 (Reuters) - Sattrix Information Security Ltd SATU.BO:

• GETS ORDER FROM SBI CARDS AND PAYMENTS SERVICES

Source text for Eikon: ID:nBSE8jSMw0

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Sept 30 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• SBI CARDS AND PAYMENT SERVICES LTD - SBI CARD PARTNERS WITH SINGAPORE AIRLINES

• SBI CARDS AND PAYMENT - PARTNERSHIP WITH SINGAPORE AIRLINES, LAUNCHES CO-BRAND CREDIT CARD

Source text for Eikon: ID:nBSE9RpdP8

Further company coverage: SBIC.NS

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Sept 18 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• SBI CARDS AND PAYMENT SERVICES - APPROVES FUND RAISE UP TO 50 BILLION RUPEES

• SBI CARDS AND PAYMENT SERVICES - APPROVES FUND RAISE VIA ISSUE OF NON-CONVERTIBLE DEBENTURES

Source text for Eikon: [ID:]

Further company coverage: SBIC.NS

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Sept 12 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• SBI CARDS AND PAYMENT SERVICES LTD - TO CONSIDER RAISING OF FUNDS

• SBI CARDS AND PAYMENT SERVICES LTD - TO CONSIDER AND APPROVE PROPOSAL, FOR RAISING OF FUNDS

• SBI CARDS AND PAYMENT SERVICES LTD - TO CONSIDER ISSUE OF NCDS WORTH UPTO 50 BILLION RUPEES

Source text for Eikon: ID:nBSE3GlMgz

Further company coverage: SBIC.NS

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MUMBAI, Aug 7 (Reuters) - India's SBI Cards and Payment Services SBIC.NS has accepted bids aggregating to 15 billion rupees ($178.7 million) for subordinated bonds maturing in 10 years, three bankers said on Wednesday.

It will pay an annual coupon of 8.25%. The issuer had invited bids from bankers and investors earlier in the day.

Here is the list of deals reported so far on Aug. 7

* Size includes base plus greenshoe for some issues

($1 = 83.9465 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Varun H K)

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MUMBAI, Aug 6 (Reuters) - India's SBI Cards and Payment Services SBIC.NS plans to raise 15 billion rupees ($178.70 million) through the sale of subordinated bonds maturing in 10 years, three bankers said on Tuesday.

It will pay an annual coupon of 8.25% and has invited bids from bankers and investors on Wednesday, they said.

Here is the list of deals reported so far on Aug. 6:

*Size includes base plus greenshoe for some issues

($1 = 83.9410 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)

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July 26 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• SBI CARDS AND PAYMENT SERVICES Q1 PAT 5.94 BILLION RUPEES

• SBI CARDS AND PAYMENT SERVICES Q1 TOTAL REVENUE FROM OPERATIONS 43.59 BILLION RUPEES

Further company coverage: SBIC.NS

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July 5 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• AMRITESH MOHAN RESIGNS AS DEPUTY CEO

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June 21 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• SBI CARDS AND PAYMENT SERVICES LTD - APPOINTMENT OF ASHUTOSH KUMAR SHARMA AS CHIEF OPERATING OFFICER

Source text for Eikon: [ID:]

Further company coverage: SBIC.NS

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Adds analyst estimates on likely inflows into Adani Ports in paragraph 5

By Bharath Rajeswaran

BENGALURU, May 24 (Reuters) - India's Adani Ports and Special Economic Zone APSE.NS will replace Wipro WIPR.NS in the 30-stock blue-chip S&P BSE Sensex .BSESN, the operator of the index said on Friday.

The BSE, in its semi-annual rebalancing exercise, included the country's largest private port operator, making it the first Adani Group company to join the Sensex, effective June 24.

The Sensex ended the session muted ahead of the announcement. .BO

Two Adani Group companies - Adani Enterprises ADEL.NS and Adani Ports are already part of the other benchmark index NSE Nifty 50 .NSEI.

Adani Ports could see inflows of $252 million after inclusion into the Sensex, while Wipro will likely witness outflows worth $161 million, said Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.

Adani Ports' inclusion into the Sensex came on the same day when shares of Adani Enterprises recovered in intraday trade to levels last seen in January 2023, before a report by Hindenburg Research triggered a sell-off in Gautam Adani's ports-to-power conglomerate.

Since that report, Adani Ports and Adani Power ADAN.NS have been the best-performing group stocks, rising 86.04% and 157.4%, respectively. They were also the first two Adani companies to bounce back from the drop.

Earlier in May, Adani Ports posted a 76% rise in its fourth-quarter profit, helped by record cargo volumes.

Its stock has jumped 6% this week, its best weekly performance since early February.

Besides the Sensex rejig, REC RECM.NS, HDFC Asset Management HDFA.NS, Canara Bank CNBK.NS, Cummins India CUMM.NS and Punjab National Bank PNBK.NS have been included in the BSE 100 index .BSE100.

The stocks replaced in that index are Page Industries PAGE.NS, SBI Cards and Payment Services SBIC.NS, ICICI Prudential Life Insurance ICIR.NS, Jubilant FoodWorks JUBI.NS and Zee Entertainment Enterprises ZEE.NS.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sohini Goswami and Varun H K)

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BENGALURU, May 14 (Reuters) - Indian non-banking financial companies (NBFC) will see some moderation in profitability in the next 12 to 18 months due to higher funding costs, rating agency Moody's said in a report on Tuesday.

In November, India's central bank asked banks to set aside additional capital against loans to NBFCs, making borrowing from banks more expensive for non-bank lenders.

The Reserve Bank of India also increased the capital requirements for unsecured loans for both banks and non-bank lenders.

Indian non-bank lenders have reported healthy loan growth in recent quarters due to strong credit demand, especially in the unsecured lending space.

But as unsecured loans mature, Moody's expects the sector's credit costs, or loan-loss provisions as a portion of gross loans, to increase from cyclically low levels.

It also expects some NBFCs to reduce unsecured lending and increase secured lending after the central bank's November order, and the non-performing asset ratios for non-banks to remain below pre-pandemic levels.

Loans at NBFCs would grow about 15% in the next 12-18 months, Moody's Ratings said.

(Reporting by Nishit Navin in Bengaluru; Editing by Shinjini Ganguli)

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April 26 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• SBI CARDS AND PAYMENT SERVICES Q4 PAT 6.62 BILLION RUPEES

• SBI CARDS AND PAYMENT SERVICES Q4 TOTAL REVENUE FROM OPERATIONS 43.48 BILLION RUPEES

• SBI CARDS AND PAYMENT SERVICES YEAR AGO Q4 PAT 5.96 BILLION RUPEES, TOTAL REVENUE FROM OPERATIONS 37.62 BILLION RUPEES

Further company coverage: SBIC.NS

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March 19 (Reuters) - SBI Cards and Payment Services Ltd SBIC.NS:

• SBI CARDS AND PAYMENT SERVICES LTD- DECLARED AN INTERIM DIVIDEND OF 2.50 RUPEES PE RSHR

Source text for Eikon: [ID:]

Further company coverage: SBIC.NS

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MUMBAI, Feb 27 (Reuters) - India's SBI Cards and Payment Services SBIC.NS has accepted bids worth 7.50 billion rupees ($90.49 million) for subordinated bonds maturing in 10 years, three bankers said on Tuesday.

It will pay an annual coupon of 8.29% and had invited bids from bankers and investors earlier in the day, they said.

In January, the company raised 5.25 billion rupees via 10-year subordinated bonds at a coupon of 8.33%.

Here is the list of deals reported so far on Feb. 27

* Size includes base plus greenshoe for some issues

($1 = 82.8795 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Janane Venkatraman)

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MUMBAI, Feb 26 (Reuters) - India's SBI Cards and Payment Services SBIC.NS plans to raise 7.5 billion rupees ($90.49 million) through the sale of subordinated Tier-II bonds maturing in 10 years, three bankers said on Monday.

It has invited coupon and commitment bids for the issue on Tuesday, they said.

In January, the company raised 5.25 billion rupees via 10-year subordinated bonds at a coupon of 8.33%.

Here is the list of deals reported so far on Feb. 26:

($1 = 82.8860 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Savio D'Souza)

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BENGALURU, Jan 25 (Reuters) - India's SBI Cards and Payment Services SBIC.NS reported a smaller-than-expected third-quarter profit on Thursday, as higher finance costs outweighed a rise in consumer spending.

Indian lenders have been grappling with elevated cost of funds as the country's central bank kept lending rate steady at 6.50% since February 2023 after raising rates by 250 basis points since May 2022.

The State Bank of India SBI.NS-backed credit card services provider said finance costs rose 50% in the quarter ended Dec. 31 from last year, pushing total expenses up by 34.7%.

Moreover, the cost-to-income was higher due to increased cashbacks offered during the festive season, it said.

Aggregate amount spent by cardholders grew 41% to 968.60 billion rupees for the company, as affluent Indians spent more amid festivities.

Card-in-force, the sum of all credit cards issued by the company, grew 16% from the year-ago period.

Total revenue from operations increased 31.8% to 46.22 billion rupees from a year earlier, helped by a near-29.5% jump in interest income and 37% jump in income from fees, commissions and others.

Still, SBI Card reported a profit after tax of 5.49 billion rupees ($66 million), well below analysts' estimates of 5.73 billion rupees as per LSEG data.

Net interest margin (NIM), the difference between interest earned and paid expressed as percentage, fell 25 basis points to 11.3% from last year.

Gross bad loans as a percentage of gross advances - a measure of asset quality - slightly worsened to 2.64% at the end of the December quarter, from 2.43% at the end of September.

Shares of the company ended 1.7% higher ahead of the results.

($1 = 83.0880 Indian rupees)

(Reporting by Nishit Navin and Dimpal Gulwani in Bengaluru; Editing by Varun H K)

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MUMBAI, Jan 24 (Reuters) - India's SBI Cards and Payment Services SBIC.NS has accepted bids worth 5.25 billion rupees ($63.13 million) for the sale of subordinated bonds maturing in 10 years, three bankers said on Wednesday.

The company will pay a coupon of 8.33% on this bond issue and had invited bids from bankers and investors on Tuesday, they said.

The company last tapped the market in May 2023, when it raised 8.10 billion rupees via bonds maturing in five years at a coupon of 7.85%.

Here is the list of deals reported so far on Jan. 24:

*Size includes base plus greenshoe for some issues

($1 = 83.1670 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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MUMBAI, Jan 19 (Reuters) - India's SBI Cards and Payment Services SBIC.NS plans to raise up to 7.5 billion rupees ($90.2 million), which includes a greenshoe of 2.5 billion rupees, through the issue of subordinated bonds maturing in 10 years, three bankers said on Friday.

The company will pay a coupon of 8.33% on this bond issue and has invited bids from bankers and investors on Monday, they said.

The company last tapped the market in May 2023, when it had raised 8.10 billion rupees via bonds maturing in five years at a coupon of 7.85%.

Here is the list of deals reported so far on Jan. 19:

*Size includes base plus greenshoe for some issues

($1 = 83.1450 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Varun H K)

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By Siddhi Nayak and Dharamraj Dhutia

MUMBAI, Nov 20 (Reuters) - Indian non-banking finance companies (NBFCs), including Bajaj Finance, L&T Finance and SBI Cards and Payment Services, are likely to tap the bond market to raise funds following the central bank's tighter rules for personal loans, six banking sources told Reuters.

The rules, which raise the capital that banks need to set aside for personal loans directly and indirectly via NBFCs, will mean that bank borrowings for NBFCs are set to become more expensive, pushing lenders to tap the bond market.

Bank borrowing costs for these lenders are set to rise 25-30 basis points (bps), which will make bond market borrowings relatively cheaper, said an official at a mid-sized NBFC.

The official and the sources did not want to be identified as they are not authorised to speak to the media.

Bajaj Finance, SBI Cards, and L&T Finance did not respond to a Reuters' email seeking comment.

"The NBFCs which were heavily reliant on bank borrowings will now will have to raise funds from the capital markets," said Umesh Revankar, executive vice chairman at Shriram Finance.

The company will look to raise 50 billion rupees through retail deposits, external commercial borrowings, and capital markets for the rest of the fiscal year, Revankar said.

Refinitiv AAA-rated NBFC bond yields are between 7.75%-7.95% for two-year to five-year papers, while the three-year marginal cost of lending rates for top banks is in the 8.75%-9.25% range.

The gap in the cost of funds via banks and bond markets will widen further now.

The momentum of bank lending to NBFCs, other than those that lend to segments identified as priority sectors for lending, is likely to moderate, ratings agency CareEdge said in a note, adding highly-rated NBFCs will move towards the capital markets.

Banks' credit exposure to NBFCs stood at 14.2 trillion rupees in September, a 26.3% year-on-year growth, compared to overall bank credit in India, which grew about 15% over the past year.

NBFCs will look at options to raise funds at the most affordable rates, while keeping some portion of their borrowings with banks, said Sumit Bali, group executive and head - retail lending at Axis Bank.

With higher borrowings from NBFCs, rates on such bond market borrowings may also move up by at least 10 bps, especially for entities reliant on unsecured lending, said Raju Sharma, head - fixed income at IDBI Mutual Fund.

($1 = 83.2440 Indian rupees)

(Reporting by Siddhi Nayak and Dharamraj Dhutia; Editing by Sonia Cheema)

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MUMBAI, Nov 17 (Reuters) - India's largest lender State Bank of India expects minimal impact on its capital ratios from the tighter rules imposed by the central bank for personal loans, its chairman told Reuters in a phone interview.

The impact of the increased risk weight on personal loans, including credit cards, will be 55-60 basis points, Dinesh Kumar Khara said on Friday.

(Reporting by Ira Dugal; Editing by Nivedita Bhattacharjee)

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