External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>SBI Cards and Payment Services (SBICARD) continues with its calibrated approach toward customer acquisitions amidst asset quality woes</li><li>New card issuances remained tepid during Oct’25-Nov’25, in line with FY26 trends and ~55% down compared to FY23 levels</li><li>While the pace of new card issuances remains muted, the higher share of non-salaried customers and customers from beyond Tier II locations remain a concern</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SBI Cards and Payment Services (SBICARD) continues with its calibrated approach toward customer acquisitions amidst asset quality woesNew card issuances remained tepid during Oct’25-Nov’25, in line with FY26 trends and ~55% down compared to FY23 levelsWhile the pace of new card issuances remains muted, the higher share of non-salaried customers and customers from beyond Tier II locations remain a concernContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Cards and Payment Services: Slow Grind Toward Steady State. Maintain REDUCE