Reliance rises on Jio Financial demand.
On Wednesday, RIL shares hit a 52-week high of Rs 2,855 and finished 0.6 percent higher at Rs 2,840 on the Bombay Stock Exchange due to investor confidence.
MUMBAI:
RIL shares have risen due to Jio Financial Services (JFS) demand. Several investors bought RIL shares on Wednesday, the last day to obtain JFS shares. On Thursday, RIL will spin off JFS, its financial services subsidiary. Several brokerages value JFS around Rs 150-200 per share.
After shareholders approved the demerger of Reliance Strategic Ventures, now JFS, on May 4, RIL shares rose about 16%. Since July 8, when Reliance declared July 20 as the record date for the JFS demerger, the shares have risen nearly 4%. On Wednesday, RIL shares hit a 52-week high of Rs 2,855 and finished 0.6 percent higher at Rs 2,840 on the Bombay Stock Exchange due to investor confidence.
“It (RIL share rally) could be a trigger, but it could be other businesses. Gaurang Shah, Senior Vice President of Geojit Financial Services, informed TNIE that RIL findings will be announced on Friday. “JFS shares are likely to open between Rs 160-185 per share, depending on demand and supply. JFS has great potential. He continued, “JFS will definitely use RIL’s strong network to reach people.”
JFS is RIL’s financial services spinoff. RIL shareholders will receive 1 share of Reliance Strategic Investments for each share of the conglomerate under the demerger programme. On Thursday, National Stock Exchange and BSE will hold a Reliance pre-open session for price discovery.
JFS demerger clearance boosts RIL share 16%.
RIL shares rose roughly 16% since shareholders approved the demerger of Reliance Strategic Ventures, now JFS, on May 4.
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