Mukesh Ambani's Jio Financial Services Share Crosses Rs 350 Mark - Know Target Price

Mukesh Ambani's Jio Financial Services shares closed on Friday at Rs 353.20, up 1.89% from the previous day. The company's share has been in the spotlight as a result of large approvals for foreign direct investment.In August, the Department of Economic Affairs, which is part of the Ministry of Finance, approved Jio Financial Services' request to expand its foreign investment limit to 49% of its paid-up equity share capital, on a fully diluted basis. This approval includes both existing foreign investments and an increase in the aggregate limit for foreign portfolio investors (FPIs), demonstrating the company's increasing appeal to international investors.Jio Financial Services has recently made strategic investments to improve its operations. The business said that it will subscribe for 6.8 million equity shares in Jio Payments Bank Limited (JPBL) for Rs 68 crore. Following the deal, Jio Financial's stake in JPBL increased from 78.95% to 82.17%.

This investment is classified as a related party transaction and was executed at arm's length, with no interests from the company's promoters or their affiliates involved. The Reserve Bank of India approved this investment, with no further regulatory approvals required.Additionally, Jio Leasing Services Limited (JLSL), a wholly-owned subsidiary of Jio Financial, has invested Rs 67.50 crore in 6.75 million cumulative optionally convertible preference shares of Reliance International Leasing IFSC Limited (RILIL). Jio Financial Services Share Price TargetMarket analyst is bullish on Jio Financial Services' potential share price. VLA Ambala, Co-Founder of Stock Market Today, stated that the stock has been consolidating in the Rs 320 to Rs 370 region for more than 100 days. However, present market momentum and events in the sector point to a probable breakout. The shares are trading above important support levels represented by the 20-day and 200-day exponential moving averages (EMAs), creating a buying opportunity for investors.Ambala advises market participants to consider entry points between Rs 340 and Rs 355. She has given a price target of Rs 385 to Rs 500 over a holding period of 6 to 20 months, while recommending a stop-loss level of Rs 300.

The 52 week high and low of the share is Rs 394.70 and Rs 204.25 respectively. According to the BSE analytics, the shares have give returns of 54.24 per cent in the last 1 year.(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)