Reliance shares gain as Jefferies hikes target price but erase gains on profit-booking

Jefferies sees Jio Financial Services as an opportunity to play in consumer and commercial loans and NLF side

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Shares of Reliance Industries Ltd gained around 1 percent on April 3 on the back of positive brokerage commentary with Jefferies raising its target price on the company’s stock. Even as the investment bank maintained its ‘buy’ call on RIL, it has hiked its target price on shares to Rs 3,100 from Rs 3,060.

But the shares shed early gains as investors cashed in on the massive gains made on Friday. The stock had rallied around 5 percent on Friday after the Mukesh Ambani-led company said secured creditors, unsecured creditors and shareholders would meet on May 2 to approve the proposed demerger of Reliance Strategic Ventures.

At 9:25am, shares of the oil-to-telecom conglomerate was down 0.3 percent at Rs 2323.85 on the BSE.

After the approval, the unit, which is the financial services subsidiary of RIL, would be renamed Jio Financial Services.

Jefferies sees Jio Financial Services as an opportunity to play in consumer and commercial loans and NLF side. It highlighted that the demerger and listing of the subsidiary can take six months and that the build-up of franchise may be staggered.

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In fact, aggressive push can impact players in consumer loans and payments, the global brokerage firm added. It sees value of Rs 900-1,500 crore at Rs 134-224 per share for Jio Financial Services

Nomura said it expects the oil-to-telecom conglomerate to lay down a strong roadmap for growth in the financials sector in the upcoming AGM.

In a separate report on the telecom sector, Jefferies said that Jio’s outperformance, after two quarters of underperformance, is positive.

The Telecom Regulatory Authority of India (Trai) has released its data on subscribers for January 2023. Industry-wide active subscriber base increased by 3.9 million MoM as compared to a rise of 8.6 million in December 2022 and increase of 0.6 million average in the past six months with Bharti Airtel adding 1.3 million subscribers as against 1.3 million in past six months.

Reliance Jio’s active subscribers rose by 3.5 million in January 2023 in comparison to more than 1.3 million in past six months. Total subscribers rose by 1.7 million to 426 million, and active subscribers as a percentage of total subscribers improved to 92.6 percent, up 46bps MoM, pointed out ICICI Securities.

Vodafone Idea saw its active subscribers falling by 0.5 million.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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