Jio Financial Services Ltd (NSE: JIOFIN): Mukesh Ambani Share Jio financial services Ltd in focus recently and closed with 3% higher at a price of Rs 367.85 after the details submitted to stock exchange on Thursday, 23rd May.
Two important news came recently which could lead to a massive upside rally in near future.
Jio Finance Share News
Recently the company disclosed an important detail on foreign direct investment (FDI) to the stock exchange. According to the details, the Mukes Ambani group Jio Financial services ltd planning to raise the foreign direct investment to 49%.
A meeting was held on 27th December,2023 regarding foreign investment in which the board already approved FDI and foreign portfolio investment up to 49% as it a core investment company (CIC).
An online voting will be held to allow foreign investors to make investment as high as 49% of the equity. It will require regulatory approval, the company added.
The cut-off to determine eligibility of the shareholders who will vote on the proposal was set on May 17and online E-Voting will be between held from May 24 to June 22.
Foreign investment for CIC is permitted under the government approval route as per the FDI policy that issued on October 2020. Earlier the company already requested to demerge from Reliance industries Ltd to become a NBFC (Non-banking financial company)-CIC (Core investment company) during the deal of joint partnership with Blackrock.
Another Important News: Jio finance company planning to buy telecom equipment and devices worth Rs 36,000 crore from Reliance retail. This will require shareholders approval.
Jio Finance Share Price
Jio finance share opened at a price of Rs 368.15 and closed at 0.68% lower to Rs 365.25 on Friday, May 24. The 52-week high is Rs 394.70 and 52-week low Rs 202.80 respectively. The share has rallied 55% so far this year and 70.28% since listing. The share has offered impressive return to shareholders.
Jio Finance Share Price Target
Choice broking expert analyst gave a new target price of Rs 450 to 470 in short term and advised to buy share during the dips. As per the technical analysis, the overall trend for Jio Financial services is bullish. In addition, the rise of Foreign direct investment and new device leasing business could potentially push the stock price further in future.
Jio Finance Fundamentals
Let’s have a quick look on some of the basic fundamentals of the company.
| Market Cap | ₹ 2,32,117 Crore |
| 52 Week High/Low | ₹ 394.70/₹ 202.80 |
| Face Value | ₹ 10 |
| Book Value | ₹ 219.02 |
| ROE | 0.03% |
| ROCE | 0.03% |
| P/B Ratio | 1.17 |
| P/E Ratio | 144 |
| Dividend Yield | 0.00% |
| Net Profit | ₹ 31.25 Crore |
| Sales Growth | -71.99% |
| Profit Growth | -81.40% |
| EPS (TTM) | ₹ 0.60 |
Jio Finance Share Holding Pattern
Let’s have a quick look on the shareholding pattern of the company.
| Month | Promoters | FIIs | DIIs | Public Holding | Government |
| Mar-24 | 47.12 | 19.35 | 12.69 | 20.75 | 0.08 |
| Dec-23 | 47.12 | 19.69 | 13.23 | 19.89 | 0.07 |
| Sep-23 | 46.77 | 21.48 | 13.84 | 17.84 | 0.07 |
| Aug-23 | 45.8 | 23.76 | 19.01 | 11.36 | 0.07 |
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