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Wednesday, October 4, 2023

Reliance spin-off Jio Financial share price set at Rs 261.85 per share, above estimates

MUMBAI: Jio Financial ServicesThe financial services unit spun off from Reliance Industries, experienced an unexpectedly high share price of Rs 261.85 during a special trading session dedicated to shares of its parent company on Thursday.
On Thursday, Reliance shares were trading at Rs 2,580 per share, in contrast to its previous closing price of Rs 2,841.85 on Wednesday.
Market analysts had initially estimated that the share price of the rebranded entity, Reliance Strategic Investments, now to be known as Jio Financial Services, will be valued at between Rs 160-190 per share.
Although JFS The shares will be included in major indices, including India’s benchmark Nifty 50, will remain dormant until their official listing.
The specific listing date is expected to be announced during Reliance’s next annual general meeting.
According to analysts, Jio Financial Services has a lot of potential. It is well positioned to capitalize on the growing demand for financial services in India. The company has a strong management team and a good track record.
Since the announcement of the record date for the spin-off on July 8 (which was originally announced in October), Reliance shares are up 8%.
(With contributions from agencies)

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