It was also among the top losers on the Nifty on Friday. RIL’s shares hit their 52-week high of Rs 2,856 on Wednesday, July 19.
Post the demerger, JFSL is valued at Rs 1.66 lakh crore after its stock was priced at Rs 261.85 per share following a special trading session on Thursday.
The stock price was above Dalal Street’s expectations of Rs 160-200 apiece, catapulting Jio Financial’s market capitalisation above established lenders such as IndusInd Bank, Bank of Baroda, PNB, or Canara Bank.
RIL is slated to release its earnings for the first quarter after market hours today. The company is expected to see a double-digit fall in profit, primarily due to a sluggish performance of the oil-to-chemicals business.
But more than the earnings, Dalal Street’s eyes will look for announcements around Jio Financial Services, which temporarily got added to Nifty 50 and Sensex and other key indices on Thursday, following the demerger of the financial operations business.
Investors are hopeful that RIL will announce the listing date of Jio Financial at the upcoming annual general meeting.RIL’s consolidated net profit for the quarter is likely to drop 10% year-on-year (YoY) to Rs 16,170 crore, according to the average estimates by 10 brokerages. Consolidated revenue is seen down 2% YoY at Rs 2.15 lakh crore. Sequentially, the fall in the bottomline is expected to be steeper at over 16%, while sales are seen rising by a mere 1%.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)