Jio Financial shares in focus amid reports of initial deal with Allianz for India insurance business

Jio Financial Services shares will remain in focus on Friday after reports that Reliance Group-owned Jio Financial Services has reached a preliminary agreement with Germany’s Allianz SE to establish an insurance venture in India, Bloomberg News reported, citing sources familiar with the matter.

This development follows Allianz’s recent agreement to sell its 26% stake in its non-life and life insurance joint ventures with Bajaj Finserv to the Bajaj Group for approximately €2.6 billion ($2.82 billion).

According to Bloomberg, Jio and Allianz are working to finalize the ownership structure.


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Allianz aims for a majority stake in the venture but is also open to securing governance rights with a path to taking control in the future, the report said.

The German insurer has stated that India remains an important growth market and that it would explore new opportunities to strengthen its position in the country's insurance market.

Also Read: Stocks in news: Jio Financial, Adani Enterprises, Infosys, TCS, Bajaj Finance

Jio Financial Services shares technical indicators

Technically, the stock's relative strength index (RSI) is at 53.1. According to Trendlyne, an RSI below 30 is considered oversold, while above 70 indicates overbought conditions. Additionally, the MACD is at -6.9, which is below its center line, signaling a bearish indicator.

The stock is trading above its 5-day, 10-day, 20-day, and 30-day simple moving averages (SMAs) but remains below its 50-day, 100-day, 150-day, and 200-day SMAs.

Jio Financial Services shares performance

On Thursday, Jio Financial Services shares closed at Rs 231.6, up 1.25% on the BSE, while the benchmark Sensex gained 1.19%. The stock has declined 24% year-to-date and 35% over the last six months. The company’s market capitalization stands at Rs 1,47,138 crore.

Also Read: IT stocks see highest foreign sell-off amid US uncertainty

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