Jio Financial Services launched on the stock market on August 21, listing at Rs 265 – close to the unexplored price of Rs 261.85. Branch Reliance Industries started trading at Rs 262 on NSE, while prices on BSE stood at Rs 265. The market capitalization of NBFC is estimated at Rs 1.66 lakh at the time of registration.
On July 21, exchanges held a special pre-opening session for the forked entity, where the undisclosed share price was Rs 261.85 and the implied market cap was 1.65,000 Rs.
The stock will be in the buying and selling segment in the next 10 sessions. Jio Financial Services will primarily operate in the NBFC market and credit market segments, and has strategic plans to expand its business into the insurance, digital payments and Asset Management. As part of the split, RIL shareholders received a share of Jio Financial Services to hold a share of Reliance.
Jio Financial Services is uniquely positioned to capture growth opportunities in the financial services industry and is playing a key role in transforming India’s digital financial landscape, President and CEO Reliance Industries chief executive Mukesh Ambani said in a message to the company’s shareholders in 2022. – 23 annual reports. Jio Financial Services is the 51st stock on Nifty 5o and 31st on Sensex. Shares will be removed from both indices upon the close of trading on the third day of listing. So the exclusion will essentially take place on August 24th.
According to Nuvama Alternative & Quant Research, passive Nifty 50 index trackers could sell about 9 billion JFS shares and Sensex index trackers could sell 5.5 billion shares.
The stock will also remain on the FTSE indices while it will be added to the MSCI Global Standards Index on August 23.
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