Jio Financial Services Q2 Results: All mutual fund schemes holding shares of Reliance Industries had received equal shares of Jio Financial Services. Eligible shareholders of Reliance were given one share of Jio Financial Services for every one share held. The company was listed in the stock market on 21 August. The share was listed at Rs 265 on BSE and Rs 262 on NSE.
Jio Financial Services, under Reliance Industries, is all set to present its first financial results after listing. These results are going to be released on 16 October. The company was listed in the stock market on 21 August. The share was listed at Rs 265 on BSE and Rs 262 on NSE. Reliance Industries has capitalized Jio Financial Services with Rs 1.20 lakh crore. Jio Financial Services’ current market cap is Rs 1.42 lakh crore, making it the third largest NBFC (Non-Banking Financial Company) after Bajaj Finance and its holding company Bajaj Finserv. The current price of the company’s share is trading at Rs 225.15 with an increase.
Let us tell you that all the mutual fund schemes holding shares of Reliance Industries got equal shares of Jio Financial Services. Eligible shareholders of Reliance were given one share of Jio Financial Services for every one share held. According to Prime Database data, mutual funds had reduced their stake in Jio Financial Services to 4.71 per cent at the end of September. In August it was 6.63 percent. SBI Mutual Fund reduced its stake to 0.20 per cent from 1.38 per cent, Nippon India Mutual Fund reduced its stake to 0.33 per cent from 0.53 per cent and HDFC Mutual Fund reduced its stake to 0.19 per cent from 0.33 per cent.
These fund houses increased their stake
Some fund houses were also buyers. Invesco and Mahindra Manulife Mutual Fund increased their stake in Jio Financial Services to 0.10 per cent from 0.05 per cent in August. Meanwhile, Sandeep Tandon’s Quant Mutual Fund increased its stake to 1.10 per cent from 1.07 per cent. Many fund managers remain bullish on the potential of Jio Financial Services. According to Prime Database, Quant Mutual Fund and Motilal Oswal Mutual Fund both hold about 1 per cent stake in the company.
Along with mutual funds, insurance is also offered
Reliance Industries Chairman Mukesh Ambani has already announced that Jio Financial Services will offer life insurance, general insurance and health insurance products. Jio Financial Services has partnered with BlackRock to enter the asset management industry. Although its plans in the lending sector have not been announced yet, analysts believe that Jio Financial Services will play a bigger role in merchant and consumer lending due to its parent company’s wide reach in kirana stores.
