SBI Cards: HSBC on SBI Cards and Payment Services Reduce maintained, Target Price Rs 560 (cut from Rs 660) amid Middle East conflict-led weaker demand outlook with cuts to AUM growth, margins and EPS, liability pressures and potential asset quality risks, while preferring private banks and select NBFCs like Cholamandalam Investment and Finance and Shriram Finance, with LIC Housing Finance seen as defensive.

 01 Apr 2026 09:14 AM

SBI Cards: HSBC on SBI Cards and Payment Services Reduce maintained, Target Price Rs 560 (cut from Rs 660) amid Middle East conflict-led weaker demand outlook with cuts to AUM growth, margins and EPS, liability pressures and potential asset quality risks, while preferring private banks and select NBFCs like Cholamandalam Investment and Finance and Shriram Finance, with LIC Housing Finance seen as defensive.