As Jio Fin awaits MF biz licence, this brokerage sees 24% upside in stock

On the bourses, shares of Jio Financial Services advanced 3.2 per cent to Rs 242 apiece on the BSE in Thursday's intraday trade

As Jio Financial Services awaits licence for its mutual fund business from market regulator Securities and Exchange Board of India (Sebi),  analysts at KRChoksey Institutional Research see 24 per cent upside in the company's stock price. 
 

On Thursday, January 4th, the brokerage firm initiated coverage on the stock with a 'Buy' rating and a target price of Rs 290, which is 23.6 per cent higher from the stock's Wednesday's closing market price of Rs 234.45 per share. 
 

"With the partnership with Blackrock for the asset management business, we expect Jio Financial Services' assets under management (AUM) to be around Rs