Jio Financial shares rally 3%. KRChoksey says buy for target of Rs 290

Shares of Jio Financial Services, which demerged from parent Reliance Industries (RIL) last year, rallied up to 3% to hit the day’s high at Rs 241.50 on BSE on the back of multiple triggers. Broking firm KRChoksey on Thursday initiated coverage on the stock with a buy rating and target price of Rs 290 per share.

While AMFI has given Jio Financial the largecap status with effect from next month, the Securities and Exchange Board of India (SEBI) is in the process of granting in-principle approval to Jio Financial Services and BlackRock Financial Management to launch a mutual fund business in India.