Hi Vijay,
You can apply SP's through sapm,same time you can do transport from one server to another server
Pls check below link for more details
http://help.sap.com/saphelp_nw04/helpdata/en/49/3e920f29002221e10000000a42189d/content.htm
http://help.sap.com/saphelp_sm40/helpdata/EN/3d/ad5d384ebc11d182bf0000e829fbfe/content.htm
Regards
Nayeem