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A man exercises in a gym near a barcode for Paytm, an Indian cellphone-based digital payment platform, in New Delhi on November 18, 2021. The Indian Finance Ministry, the RBI and Paytm did not immediately respond to CNBC's requests for comment. A Paytm spokesperson has denied any violation of foreign exchange laws, calling them "unfounded and factually incorrect," according to Reuters. The shares saw a massive three-day sell-off following the RBI's order last week which wiped out more than $2.5 billion in value, before a subsequent bounce. Earlier in the week, Indian billionaire Mukesh Ambani's Jio Financial Services denied media reports it was buying Paytm's wallet business.

Persons: Paytm, It's, Vijay Shekhar Sharma, Nirmala Sitharaman, Sharma, Mukesh Ambani's Organizations: Reserve Bank of, CNBC, Reuters, Indian Finance Ministry, One97 Communications, India's National Stock Exchange, Financial Services Locations: New Delhi, Reserve Bank of India

☆ India's Paytm shares pop 8% after Ambani's Jio Financial denies deal talks for wallet business
▼ + stars: | 2024-02-06 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

A restaurant advertises the use of the Paytm digital payment system in Mumbai, India, on Saturday, July 17, 2021. It comes after Indian billionaire Mukesh Ambani's Jio Financial Services denied media reports it was buying Paytm's wallet business. Hindustan Times reported Monday that Jio Financial, owned by Ambani's conglomerate Reliance, would acquire Paytm's wallet business. The report sent shares of Jio Financial up as much as 16.5% on an intraday basis yesterday. Jio Financial issued a statement to the exchange late Monday to confirm it was not in talks to buy Paytm's digital wallet business.

Persons: Mukesh Ambani's, Paytm Organizations: Financial Services, Communications, India's National Stock Exchange, Reserve Bank of India, Paytm Payments Bank, Hindustan Times, Jio Locations: Mumbai, India

☆ India is a breakout star during a tough year for emerging markets investing
▼ + stars: | 2023-12-20 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

The India SENSEX Index, an index of 30 large companies listed on the Bombay Stock Exchange, is up 18% this year. The iShares MSCI India ETF (INDA) is at a new high. You run several international ETFs focused on the internet and ecommerce, including the India Internet & Ecommerce ETF (INQQ). The internet companies are the fastest growing consumer companies. The India Internet economy may grow 500% by 2030.

Persons: Burton Malkiel, Kevin Carter, Todd Sohn, There's Organizations: Bombay Stock Exchange, Edge, Chemical Bank, Princeton University, EMQQ, India, Ecommerce, Strategas Securities, Microsoft, Apple, India's Tata Group, Bajaj Financial, China ETF, White House Locations: Europe, India, China, United States

☆ ‘Best performing emerging market’: Analysts name stocks to cash in on India’s boom
▼ + stars: | 2023-10-13 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

"India has been the best performing Emerging Market in terms of USD returns at 8%, surpassing Brazil at 6%," they wrote. In terms of asset allocation, AllianceBernstein is overweight on financials, while allocating a small portion of this weight to utilities. Delhivery is another favorite stock, with a price target of 460 Indian rupees, giving it around 5% upside. Electricity generation company NTPC made the list for its opportunities in thermal, renewables and green hydrogen, the analysts wrote. The asset manager is overweight on the stock at 274 Indian Rupees representing an upside of almost 15% from its Oct. 11 close.

Persons: AllianceBernstein, Venugopal Garre, Zomato, NTPC, Paytm, it's, — CNBC's Michael Bloom Organizations: Stock, HDFC Bank, Jio Financial Services Locations: India, Brazil

☆ India’s fintech partygoers nurse a needed hangover
▼ + stars: | 2023-09-11 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

MUMBAI, Sept 11 (Reuters Breakingviews) - India’s financial technology industry is suffering from overindulgence. And it was on full display at a sombre Global Fintech Festival in Mumbai last week. The South Asian country is the world’s third-largest fintech market by number of unicorns. Poster child Byju’s is squabbling with lenders as investors walk away and financial reports get delayed. Follow @ShritamaBose on XCONTEXT NEWSThe Global Fintech Fest organised by the National Payments Corporation of India and industry association Payments Council of India was held between Sept. 5 and 7 in Mumbai.

Persons: securitisation, ’, hesitatingly, Vishwas Patel, they’re, fintechs, Mukesh Ambani’s, Antony Currie, Katrina Hamlin, Thomas Shum Organizations: Reuters, Founders, Boston Consulting Group, Venture, Reserve Bank, One97 Communications, FSN, Commerce Ventures, Innoven Triple Blue Capital, XV Partners, Financial, National Payments Corporation of India, Thomson Locations: MUMBAI, Mumbai, India, fintech, Sequoia Capital’s India, Southeast Asia, Rwanda, Japan, Germany, Peru

☆ Mukesh Ambani’s succession planning is a bonus
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Mukesh Ambani (R), Chairman and Managing Director of Reliance Industries, poses with (from 2nd R to L) wife Nita Ambani, children Isha Ambani, Anant Ambani, and Akash Ambani before addressing the company's annual general meeting in Mumbai, India July 21, 2017. REUTERS/Shailesh Andrade Acquire Licensing RightsMUMBAI, Aug 29 (Reuters Breakingviews) - The bar for Mukesh Ambani to impress is rising, including on succession. Planning is sensible, yet Reliance shares closed down 1.1%. Here, the top challenge may be getting public shareholders to match the $100 billion valuation the Qataris have set for the shopping unit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mukesh Ambani, Nita Ambani, Isha Ambani, Anant Ambani, Akash Ambani, Shailesh Andrade, Ambani, Isha, Akash, Anant, That’s, Shritama Bose, Didi, Una Galani, Thomas Shum Organizations: Reliance Industries, REUTERS, Rights, Reuters, Reliance, Reliance Retail, Jio Financial Services, X, White, Thomson Locations: Mumbai, India

☆ Indian shares open marginally higher; Jio Financial listing eyed
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Aug 21 (Reuters) - Indian shares opened marginally higher on Monday, aided by broad sectoral gains, in contrast to weakness in Asian equities on China's smaller-than-expected rate cut, ahead of Jio Financial Services' listing on stock exchanges. The Nifty 50 (.NSEI) index was up 0.18% at 19,346.50 while the S&P BSE Sensex (.BSESN) rose 0.18% to 65,066.25 at 9:19 a.m. IST. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Eileen Soreng, Sonia Cheema Organizations: Bombay Stock Exchange, REUTERS, Rights, Jio Financial, BSE, Thomson Locations: Mumbai, India, Bengaluru

☆ India's Reliance expects to soon list shares of its financial unit
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Shailesh Andrade/File PhotoNEW DELHI, Aug 6 (Reuters) - Reliance Industries Ltd (RELI.NS) hopes to soon list shares of its financial services unit, Reliance Jio Financial Services Ltd, to unlock value for shareholders, the company said in its annual report. A listing date for Jio Financial Services is widely expected to be announced at Reliance's forthcoming annual general meeting. Ambani said Jio Financial Services wants to provide simple, affordable and innovative digital first solutions. "Jio Financial Services along with its subsidiaries will leverage the technological capabilities of Relianceand digitally deliver financial services, democratising access to financial services offerings for Indian citizens," he said. Reliance has offered its shareholder one share of Jio Financial Services for one share of Reliance.

Persons: Shailesh Andrade, Mukesh Ambani, Ambani, Nidhi Verma, Giles Elgood Organizations: Reliance Industries, REUTERS, Reliance Industries Ltd, Reliance, Financial Services Ltd, Financial, Jio Financial Services, Financial Services, BlackRock Inc, Thomson Locations: Mumbai, India

☆ BlackRock returns to India, joining forces with Indian tycoon Mukesh Ambani's financial arm
▼ + stars: | 2023-07-27 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

The BlackRock logo is displayed at their headquarters on November 14, 2022 in New York City. BlackRock and Saudi Arabia's sovereign wealth fund signed an agreement to jointly explore infrastructure projects in the Middle East. BlackRock has joined forces with the financial services arm of India's tycoon Mukesh Ambani in what's been referred to as a "major move." The joint venture will be called Jio BlackRock. Mukesh Ambani is the founder and chairman of Indian conglomerate Reliance Industries, the country's largest listed company by market share.

Persons: Mukesh Ambani, Larry Fink Organizations: BlackRock, Jio Financial Services, Reliance Industries, Forbes Locations: BlackRock, New York City, Saudi, East, what's, India

☆ CNBC Daily Open: Powell’s conference had something for bulls and bears
▼ + stars: | 2023-07-27 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +5 min

Al Drago | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. However, Chair Jerome Powell left the door open to a subsequent rate hike, saying the central bank will make decisions "meeting by meeting." At his post-meeting press conference, Chair Jerome Powell, in other words, deftly negotiated expectations from market bulls and bears, and somehow managed to reaffirm the case of both camps. The "hawkish" part will please the bears, while the "hold" portion will appeal to the bulls.

Persons: Jerome Powell, Al Drago, Hong, Mukesh Ambani, Dow, that's, —, Powell, Frances Donald, CNBC's Fred Imbert, that'd Organizations: US Federal Reserve, Market, Bloomberg, Getty, CNBC, Federal, Dow Jones, Samsung Electronics, Wall, Revenue, Reality Labs, BlackRock, India BlackRock, Jio Financial Services, CNBC Pro, Manulife Investment Management, Nasdaq, Dow Locations: Washington , DC, Asia, Pacific, Indian

☆ India's Jio Financial Services, BlackRock to launch asset management venture
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Anushree Fadnavis/File PhotoMUMBAI, July 26 (Reuters) - India's Jio Financial Services (JIOF.NS), part of billionaire Mukesh Ambani led Reliance Group, and U.S.-based BlackRock Inc (BLK.N) will form a 50:50 joint venture to launch asset management services in India. The two companies are targeting an initial investment of $150 million each in the joint venture, Jio Financial said in a statement on Wednesday. The announcement comes days after Jio Financial Services was demerged from Reliance Industries, with the markets ascribing a valuation of nearly $20 billion to the venture which is yet to build out a business in India's fast growing financial services sector. India's asset management industry has seen rapid growth in recent years and has 44.3 trillion Indian rupees ($540.4 billion) in assets under management. The joint venture will launch a "digital-first" offering following regulatory approvals, said the statement, without giving a timeline within which it plans to begin operations.

Persons: Anushree, Mukesh Ambani, Hitesh Sethia, Larry Fink, AngelOne, Ira Dugal, Kirsten Donovan, David Evans Organizations: Mobile, REUTERS, Financial, Reliance Group, BlackRock Inc, Jio, Jio Financial, Reliance Industries, Group, BlackRock, Jio Financial Services, Thomson Locations: Pragati, New Delhi, India, MUMBAI, U.S

REUTERS/Anushree Fadnavis/File PhotoBENGALURU, July 20 (Reuters) - Jio Financial Services (JFS) has been valued at around $20 billion after its stock price was set at a much higher-than-expected 261.85 rupees ($3.19) in its demerger from Indian billionaire Mukesh Ambani's Reliance Industries (RELI.NS). At a $20 billion valuation, Jio Financial would be one of the top 40 Indian companies by market capitalisation, in a list headed by Reliance at $233 billion. The price was determined as 261.85 rupees, or the difference between 2,841.85 rupees, Reliance's closing price on Wednesday, and 2,580 rupees, its price at the end of the special session. JFS's stock price is higher than analysts' estimate of 160 rupees to 190 rupees. Reliance Strategic Investments, the unit to be renamed JFS, late on Wednesday reported a net profit after tax of 1.45 billion rupees ($17.7 million) for April-June based on revenue of 2.15 billion rupees.

Persons: Anushree, Mukesh, Chokkalingam, JFS, Ira Dugal, Savio Shetty, Savio D'Souza, Jamie Freed Organizations: Mobile, REUTERS, Jio Financial, Reliance Industries, Reliance, Macquarie Research, AAA, Reliance Strategic Investments, Thomson Locations: Pragati, New Delhi, India, BENGALURU

☆ Ambani’s finance unit gets credit before it’s due
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, July 20 (Reuters Breakingviews) - Mukesh Ambani’s capacity to disrupt India’s $2 trillion small loans market is fully priced in. It’s a big endorsement, considering the lending company starts with a tiny $244 million loan portfolio as of March 2022. Ambani will have his task cut out to deliver on expectations, despite a reputation for upending industries from telecoms to retail. The $155 billion HDFC Bank (HDBK.NS), freshly merged with its mortgage financier parent, will chase the latter’s customers with renewed vigour. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mukesh, Ambani, It’s, Jio, Shritama Bose, whir, Xavier Niel’s, Una Galani, Thomas Shum Organizations: Reuters, Reliance Industries, Bajaj Finance, HDFC Bank, Twitter, Xavier Niel’s GAM, Thomson Locations: MUMBAI

☆ Reliance - Jio Financial Services demerger: what you need to know
▼ + stars: | 2023-07-19 | by ( Chris Thomas | ) www.reuters.com time to read: +3 min

Five analysts estimate that Reliance's Jio Financial Services will be valued at 160-190 rupees per share. However, Jio Financial Services' stock will be included in the indexes, including the blue-chip Nifty 50 (.NSEI), but will not trade until it is listed. Jio Financial Services' listing date is widely expected to be announced at Reliance's forthcoming annual general meeting. THE DEMERGERReliance announced last October that it would demerge and list its financial services business - Reliance Strategic Investments - which will be renamed Jio Financial Services (JFS). Reliance shareholders would get one share of Jio Financial Services for holding one share of Reliance.

Persons: Mukesh, Hitesh Sethia, Chris Thomas, Anil D'Silva Organizations: Reliance Industries, Jio Financial, Reliance, National Stock Exchange, Bombay, Exchange, Jio Financial Services, NSE, DEMERGER Reliance, Reliance Strategic Investments, Kamath, ICICI Bank, Macquarie Research, AAA, Thomson Locations: BENGALURU, Bengaluru

☆ Ambani’s finance listing will measure disruption
▼ + stars: | 2023-05-11 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

Back in 2019 the boss of $200 billion Reliance Industries (RELI.NS) had pledged to spin out its giant retail and digital units. He has since lured big strategic and financial investors including Meta (META.O), Alphabet’s (GOOGL.O) Google and KKR (KKR.N)into those businesses. Jio Financial could be listed as soon as September. The entity will be renamed Jio Financial Services. Jio Financial will list as soon as September, a person familiar with the situation told Breakingviews.

☆ Mukesh Ambani will take credit where it’s due
▼ + stars: | 2022-12-06 | by ( Shritama Bose | ) www.reuters.com time to read: +5 min

Boss Mukesh Ambani might do precisely that to fund a push by his $220 billion Reliance Industries (RELI.NS) conglomerate into consumer lending. The company is spinning off and listing its little-noticed non-bank financial company. More than rivals, Ambani is sitting on a treasure trove of data to assess the credit worthiness of borrowers. As a home-grown tycoon, Ambani has a better chance of success than other late entrants to financial services. On Oct. 21, Reliance revealed plans to spin off Reliance Strategic and rename it Jio Financial Services.

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