Good news for Reliance shareholders
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New Delhi: There is good news for 36 lakh shareholders of Reliance Industries. He can get a strong gift before Diwali this year. The company’s chairman Mukesh Ambani is planning to list Jio Financial Services (JFSL) by September. This will unlock value for 36 lakh shareholders of Reliance. This company will be the fifth largest finance company in the country in terms of capital and will compete directly with Paytm and Bajaj Finance. Reliance Industries is the most valuable company in the country in terms of market cap.
According to global brokerage firm JP Morgan, Jio Financial’s share can be worth Rs 189. Jefferies has estimated its price at Rs 179 and Centrum Broking at Rs 157 to 190. Experts say that Ambani may announce a record date for listing and allotment of Reliance Strategic Investment in July or August. The name of this company will be JFSL. In the company’s AGM, Ambani can elaborate on its roadmap. The company has not yet announced the date of the AGM.How far can the stock go
According to global brokerage firm JP Morgan, Jio Financial’s share can be worth Rs 189. Jefferies has estimated its price at Rs 179 and Centrum Broking at Rs 157 to 190. Experts say that Ambani may announce a record date for listing and allotment of Reliance Strategic Investment in July or August. The name of this company will be JFSL. In the company’s AGM, Ambani can elaborate on its roadmap. The company has not yet announced the date of the AGM.
How far can the stock go
JP Morgan has kept a target price of Rs 2,960 on Reliance shares. Reliance shares closed at Rs 2635.45 on Friday, down 0.11 per cent. The brokerage firm says that as soon as the company announces its business strategy and targets, the value of Reliance shares may increase. Reliance shares will remain in focus before demerger and listing. This is because shareholders of Reliance will get one share of Jio Financial for every share held. Reliance shares have gained 13 per cent in the last three months. Market veteran Deven Choksi said that the company is starting with a net worth of Rs 1,50,000 crore. NBFC giant Bajaj Finance has a net worth of Rs 44,000 crore.
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