Jio Financial Services (JFS), a part of the Mukesh Ambani-led Reliance Industries Limited (RIL) conglomerate, will announce its maiden quarterly results on Monday, nearly two months after JFS shares got listed on the stock exchanges.
What to expect?
As per Moneycontrol, fund managers are ‘bullish’ on prospects of the non-banking financial company (NBFC). This, the publication says, is despite mutual funds reducing their combined stake in JFS by about 2%: from 6.63% in August to 4.71% at the end of September.
SBI Mutual Fund reduced its stake from 1.38% to 0.2%, Nippon India Mutual Fund cut its stake from 0.53% to 0.33%, and HDFC Mutual Fund, from 0.33% to 0.19%. On the other hand, fund houses that increased their respective holdings were Invesco (0.05% to 0.10%), Mahindra Manulife (0.05% to 0.10%) and Quant (1.07% to 1.10%).
Jio Financial stock market debut
It got listed on the stock exchanges on August 21. On September 1, however, JFS was removed from all indices of the S&P BSE (Bombay Stock Exchange), including the benchmark 30-pack Sensex, as it is a spin-off from its parent, Reliance Industries Limited.
On the other hand, Jio Financial Services continues to be listed on all indices of the Nifty 50.
What is Jio Financial Services?
A ‘systematically important non-deposit taking’ NBFC registered with the Reserve Bank of India (RBI), JFS was incorporated in July 1999 as Reliance Strategic Investments Private Limited. In January 2002, the company dropped ‘Private’ from its name, and received a fresh certificate of incorporation.
In July last year, it got its present name, Jio Financial Services Limited.