Jio financial services share price: Approximately 31.88 lakh shares were traded today on the BSE. The amount exceeded the 26.47 lakh share two-week average volume. (businesstoday.in) With 108.58 crore in turnover, the counter had a market capitalization (m-cap) of Rs 2,16,901.12 crore. {www.businesstoday.in/markets/company-stock/story/jio-financial-shares-resume-fall-as-stock-slips-2-today-heres-what-you-should-do-429394-2024-05-13}
Monday saw a small one-day pause before Jio Financial Services Ltd.’s shares went back into negative territory. The stock ended the day at Rs 341.40, down 1.90 percent. The share has now dropped 13.50 percent from its all-time high of Rs 394.70, which was reached on April 23 of this year. (businesstoday.in) On a year-to-date (YTD) basis, the counter has increased by 45.52 percent despite the previously indicated decline.
In the fourth quarter of FY24, the firm reported a consolidated net profit of Rs 310.63 crore, up 5.72 percent from the previous quarter’s Rs 293.82 crore (Q3 FY24). The consolidated profit after tax (PAT) of non-banking financial services companies (NBFCs) for FY24 (2023–2024) was Rs 1,605 crore.
For the most part, analysts were ‘positive’ about the counter. According to one of them, Jio Financial would be increasing its capital (businesstoday.in) and would have access to crores of telecom users and retail clients because of its parentage. The source also said that JFS will eventually draw some major international firms for its financial services.
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G Chokkalingam, MD and founder of Equinomics Research, said, “We firmly believe that in the long run, Reliance Industries shares can shore up its financial net worth, which can help JFS grow its lending book exponentially. “JFS has access to 44 crore Reliance telecom consumers as well as around 25 crore retail customers. In three to five years, JFS will become a major player across the board in the (businesstoday.in) financial services industry. Reliance has already shown that it is capable of establishing leadership in the telecom and retail industries. We have a good feeling that JFS will become a leader in the financial services industry over time and draw in a few more global giants in other financial services areas.”
With a target price of Rs 430, Chokkalingam maintained his “Buy” rating on JFS shares
The NBFC and BlackRock just signed an agreement. Jio Financial announced that it has formed a 50:50 joint venture (JV) with BlackRock Inc. and BlackRock Advisors Singapore Pte Ltd to establish a (businesstoday.in) wealth management and brokerage company in India. This was BlackRock and Jio’s second joint venture. A partnership for asset management was started by the two last year.
“The stock has recently witnessed a decent correction and has shown signs of bottoming out near Rs 336 level with a pullback seen to end near the Rs 348 zone,” says Prabhudas Lilladher’s Shiju Koothupalakkal, a technical research analyst. A clear break over Rs 358 would improve the (businesstoday.in) bias, making goals of Rs 372 and Rs 386 levels apparent in the next days. In addition, a decline below Rs 336 would exacerbate the bias and start a new negative trend.”
The stock may soon reach an upside objective of Rs 360, according to Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking. (businesstoday.in) Maintain a stop loss around Rs 320, according to Singh.
Approximately 31.88 lakh shares were traded today on the BSE. The amount exceeded the 26.47 lakh share two-week average volume.
With 108.58 crore in turnover, the counter had a market capitalization (m-cap) of Rs 2,16,901.12 crore.
Disclaimer: Business Today does not provide financial advice; the news it covers about the stock market is provided only for informative reasons. We recommend that readers get advice (businesstoday.in) from a licensed financial adviser prior to making any investing choices.