With the listing of Jio Financial Services‚ Reliance Chairman Mukesh Ambani has lined up all his ducks. Will the new nbfc disrupt the financial space the way Jio roiled mobile telephony despite being a late entrant?
Shares of Jio Financial climbed 4.47 per cent to hit a high of Rs 221.75 on BSE. Shares of Reliance Industries gained half a per cent to hit a high of Rs 2,483.
Life insurance is a long-term product with cash flow of both premiums and claims spanning many years. In addition, this is a heavily regulated industry.
Reliance-JFSL demerger: Jio Financial Services Ltd (JFSL) is expected to list on the NSE at around ₹273 per share after its demerger from Reliance Industries Ltd (RIL)
Beating the estimates, the market discovered price of Jio Financial Services (JFS) has valued the subsidiary of Reliance Industries Ltd (RIL) at Rs1.72 lakh crore or over US$21bn (billion). This valuation will put JFS as India s 32nd most valuable company by market capitalisation ahead of the likes of Adani Ports, Adani Green, Tata Steel, Coal India, HDFC Life, Indian Oil Corp (IOC) and Bajaj Auto Ltd. Jio Financial Services, which started trading as part of 19 indices, including Nifty 50 will remain part of these indices at a constant price until it gets listed officially.