According to a BSE filing, the AGM will take place at 2 p.m. IST via video conference or other audiovisual methods.
Jio Financial Services Ltd (JFSL), formerly known as Reliance Strategic Investments Limited, will be under the spotlight on Thursday morning after the demerged business of Reliance Industries Ltd (RIL) announced its inaugural Annual General Meeting (AGM) on Friday, August 30th. The AGM will be held at 2 p.m. IST by video conference or other audiovisual means, according to a BSE filing.
JFSL stock was launched on the BSE and NSE on August 21, 2023. So far in 2024, the scrip is up 41%.
JFSL is a core investment company (CIC) that does not accept deposits and is recognized as systemically important by the Reserve Bank of India. It manages its financial services operations through its consumer-focused subsidiaries: Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), Jio Payment Solutions Limited (JPSL), Jio Leasing Services Limited (JLSL), and Jio Payments Bank Limited (JPBL), the latter of which is a joint venture with SBI.
In FY24, JFSL launched a joint venture with BlackRock to form an Asset Management Company, subject to regulatory permissions, and on April 15 increased the scope of the relationship by entering into another JV for the Wealth Management and Broking sectors.
JLSL has also formed a 50:50 joint venture (JV) with Reliance Strategic Business Ventures Limited (RSBVL) to operate a ship leasing business. RILIL is headquartered at Gujarat International Finance Tec-City (GIFT City), Gujarat’s international financial services center (IFSC).
In the annual report to shareholders, Mukesh Ambani highlighted that “Jio Financial Services is ideally positioned to drive financial inclusion in India by using technology to simplify, make affordable, and enhance accessibility to financial products for everyone.”
What exactly does Jio Financial Services do?
The company offers financial services including payment processing and insurance brokerage. Its subsidiary, Jio Finance, holds an RBI-issued NBFC license. Additionally, Jio Payments Bank, another subsidiary, operates as a payments bank registered in India.
Who qualifies for a Jio financial loan?
Eligibility requirements may include the type and value of the mutual funds pledged, the borrower’s credit score, and the loan-to-value ratio established by Jio Finance Limited. Furthermore, the consumer must be 18-75 years old and an Indian citizen.
What is the target price for Jio Financial Services Ltd?
Jio Financial Services Ltd.’s average objective is 304. The consensus forecast reflects a 7.51% decline from the previous price of 328.70. View seven pieces of research from three analysts that provide long-term price targets for Jio Financial Services Ltd.
What is the future of Jio Financial Services?
Furthermore, JFSL has acquired final RBI approval to transition from NBFC to Core Investment Company. Arihant Capital Markets had a long-term optimistic perspective on the company. JFS is currently focused on improving its market position and operational capabilities.
Read Also: Jio Financial Services shares climb 5% after a joint venture with BlackRock
