GulfHindi English Desk: Reliance Industries received some good news on Friday as the National Company Law Tribunal (NCLT) approved the demerger of its digital financial services company, Jio Financial Services Limited. The announcement is expected to be presented at Reliance Industries’ upcoming Annual General Meeting (AGM), where Chairman Mukesh Ambani is likely to outline the roadmap for the listing of Jio Financial Services on the stock exchange. While the date of the AGM has not been announced yet, it is expected to take place in August.
The approval of the demerger and positive regulatory developments have resulted in an increase in Reliance Industries’ share price. Brokers have shown a strong positive sentiment towards Reliance’s shares, with JP Morgan recommending investors to buy with a target price of INR 2960. The listing process for Jio Financial Services will begin once the demerger process is completed. According to brokerage houses, the estimated price for Jio Financial Services’ shares could be INR 189, with Jefferies expecting INR 179 and Centrum Broking projecting a range of INR 157-190.
Jefferies also highlighted that Jio Financial Services has a net worth of INR 28,000 crore and Reliance Industries holds a 6.1% stake, valued at INR 96,000 crore. JP Morgan believes that Jio Financial Services will benefit from Reliance’s strength in the digital and retail sectors. Macquarie Research suggests that Jio Financial Services could become the fifth largest financial services company in the country.
en.gulfhindi.com News Summary
👉NCLT has approved the demerger of Jio Financial Services Limited, a subsidiary of Reliance Industries Limited.
👉The Chairman of Reliance Industries, Mukesh Ambani, is expected to present the roadmap for the listing of Jio Financial Services on the stock exchange at the upcoming AGM.
👉The share price of Reliance Industries has seen an increase due to the expected progress in the demerger process and regulatory approvals. Brokers have given positive recommendations for buying Reliance shares.
👉The listing process of Jio Financial Services will begin once the demerger process is completed. Brokers predict that the share price of Jio Financial Services could be around INR 189, with different price targets from various brokerage houses.
👉Jio Financial Services has a net worth of INR 28,000 crore and Reliance Industries holds a 6.1% stake worth INR 96,000 crore. JP Morgan believes that Jio Financial Services will benefit from Reliance’s strength in the digital and retail sectors. Macquarie Research suggests that Jio Financial Services could become the fifth largest financial services company in the country.
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