Several shareholders of Reliance Industries Ltd (RIL) took to Twitter on August 10 and said shares of Jio Financial Services (JFS) have been credited to their demat account. This comes three weeks after the exchanges held a special pre-open session for JFS' price discovery.
Investors, however, should note that they cannot buy or sell shares of JFS at the moment. The stock's listing date has not been announced yet. It is the 51st stock on Nifty 5o included at a constant price of Rs 261.85 apiece.
The oil-to-telecom conglomerate will hold its 46th annual general meeting (AGM) virtually on August 28.
Ahead of the AGM, RIL has also scheduled one-on-one meetings with institutional investors at the Motilal Oswal 19th Annual Global Investor Conference and Nuvama India Conference.
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Foreign broking firm Morgan Stanley has reiterated "overweight" rating on the RIL stock with a target price of Rs 3,000. Tightening global refining and chemical markets, rising market share and reduced competitive intensity in telecom industry, and partnerships in new energy business can trigger further upside to this target, Morgan Stanley said.
"RIL Retail currently serves over 98 percent of India’s pin codes through integrated online and offline networks. It has around 3 million merchant partnerships on the commerce platforms and online sales accounts for about a fifth of revenues," it added.
It is this merchant base that Jio Financial Services will target for loan disbursal, banking experts say.
"The data on these kirana stores would often be proprietary to Jio Financial and hence, Jio Financial would know more about kirana stores and merchants than what the rest of the world might know," HDFC Securities' ASV Krishnan told Moneycontrol.
Reliance Industries Ltd (RIL) reported a consolidated net profit of Rs 18,258 crore for the quarter ended June 2023, down 5.9 percent from the year-ago period as muted performance in the oil-to-chemicals (O2C) partly offset the strong growth in consumer-facing businesses. Higher finance cost and depreciation also weighed on the company’s bottomline.
At 12 pm, RIL was quoting at Rs 2,524 on the NSE, down 0.48 percent from the previous close.
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