RIL shareholders receive Jio Finacial Services shares ahead of AGM
Reliance Industries Ltd (RIL) shareholders have received Jio Financial Services (JFS) shares in their demat accounts after the demerger. However, the stock's listing date remains a mystery. Investors cannot buy or sell JFS shares at the moment. Three weeks ago, exchanges held a special pre-open session for JFS. Its discovered price after the session was Rs. 261.85 apiece.
RIL's AGM will be held on August 28
JFS's shares have been credited ahead of RIL's 46th annual general meeting (AGM) on August 28. The stock's listing date is expected to be announced then. Meanwhile, Morgan Stanley has maintained an "overweight" rating on RIL stock with a Rs. 3,000 target price. Factors such as tightening global refining and chemical markets, rising telecom market share, and new energy partnerships could drive further growth.
JFS can leverage Reliance Retail's customer base
According to Morgan Stanley, Reliance Retail serves 98% of India's pin codes through integrated online and offline networks, boasting around three million merchant partnerships. Banking experts believe that JFS will leverage Reliance Retail's customer base to disburse loans. After the price discovery, JFS was valued at Rs. 1.72 lakh crore, making it more valuable than Adani Ports, Tata Steel, and Coal India.
