Jio Financial Share Price gained 6% after Q1 results. After 156% increase in profits, brokerage has given a big target. Know the advice of experts…
Jio Financial Share Price Target: Jio Financial share came into discussion as soon as the market opened on Friday. After the strong quarterly results of the company, there was a sharp rise of about 6% in the stock. After this, the biggest question in the minds of investors is whether this boom will continue further or can we see profit booking? Meanwhile, a big brokerage firm has expressed confidence in the stock and given a new target. Let us know what the latest results of Jio Financial say and what is the opinion of experts…
Jio Financial Q1 result changed the environment, profit increased by 156%
Jio Financial Services has performed brilliantly in the June quarter. The company’s consolidated net profit increased to ₹830 crore, compared to ₹325 crore in the same quarter last year. That means the company’s profit has increased by about 156% on an annual basis. Apart from this, other major earnings figures of the company also remained strong. Net interest income (NII) increased to ₹540 crore. Other income increased to ₹1,040 crore. There was also a good increase in income from dividends and investments.
As soon as Jio financial results came, the stock rose like a rocket.
The effect of the strong results was also visible in the stock market on Friday. Jio Financial shares opened at ₹247.50 and reached ₹249.95 within a short time. That means the stock registered a rise of about 6%. However, if we talk about the whole year, this stock is still trading down by about 16%. This means that despite the recent surge, investors are still keeping an eye on the scope for recovery.
Jio Financial Company gets new support worth thousands of crores
Jio Financial has also received the second installment of ₹5,934 crore from the promoter group. With this the total investment has increased to ₹9,890 crore. The company says that about ₹ 6,000 crore more is expected to be received in the coming time, which will help in expanding the new business rapidly.
Jio Financial Share: What are brokerages saying?
Brokerage firm Motilal Oswal (MOFSL) believes that the company’s business is continuously strengthening. According to the brokerage, Jio Credit’s AUM has crossed ₹30,000 crore. Earnings of payment business are getting better. Insurance and asset management business is also showing good growth. However, the company is currently investing in new business, so the expenses are also high. For this reason, the brokerage has made some changes in its estimates for the coming years.
Jio Financial Share Target: What is the share target now?
MOFSL maintains ‘Buy’ rating on Jio Financial. The brokerage has given a target price of ₹315 for the share. Compared to the current level, this indicates possible further growth. However, investing in the stock market always comes with risk. Before making any investment, do your research or consult a financial advisor.
Disclaimer: The information and target price given in this article are only based on the report and quarterly results of the brokerage house. This is not our advice to buy, sell or hold shares. Investing in the stock market is subject to market risks. Before investing money in any share, please consult your certified financial advisor (SEBI Registered).