Jio Financial Services gets nod to raise foreign investment limit to 49%
Jio Financial Services Ltd has been granted approval to raise its foreign investment limit to 49%. Foreign investors currently hold 17.55% of the company’s shares. The company’s net profit fell 6% in the first quarter ending June. Jio Financial introduced new services such as mutual fund loans and auto insurance in July.
Technical View: A decisive move-up could take Nifty past 25,200
Last week, the Nifty index exhibited a choppy but positive trend, with potential gains towards 25,100-25,200. Analysts noted important support levels and recommended buying opportunities during minor dips. Stocks such as ICICI Bank, Nykaa, Sun Pharma, and Bajaj Auto showed positive momentum. Investors were advised to cautiously maintain and seek long positions.
Asia shares edge up before inflation tests, oil gains
Asian shares edged higher with investors looking forward to inflation data that could prompt rate cuts in the US and Europe. Oil prices rose amid Middle East tensions. Nvidia’s upcoming earnings report is eagerly awaited. Federal Reserve Chair Powell hinted at potential rate cuts to mitigate employment risks.