Jio Financial Services saw a notable uptick of nearly 3% on the morning of January 15, anticipating the release of its December quarter earnings later in the day. This marks the second quarterly results announcement for the non-banking financial company (NBFC) since its listing on the bourses in August 2023.
Initiating coverage on the stock with a “buy” call and a target price of Rs 290, KRChoksey Shares and Securities expects the lending business to report Rs 4,600 crore assets under management (AUM), with a notable expansion in the product pipeline.
Fueled by increased mobile app usage and a push towards UPI-based payments, Jio Financial is poised to experience robust traction in volumes. Being carved out of Reliance Industries, the company benefits from a strong customer base within the parent group.
As of 9:35 am, Jio Financial Services traded 1.69% higher at Rs 259.30 on the National Stock Exchange (NSE), showcasing a 10% surge in January. KRChoksey’s target price of Rs 290 suggests a 13% upside over the closing price of Rs 255.05 on January 12, indicating high expectations for a positive earnings report.