Morning Buzz: Jio Financial lists as third-most valuable NBFC, L&T to launch first ever buyback, and more

The market priced Mukesh Ambani's Jio Financial Services at Rs 262 a share, higher than the earlier estimated price of Rs 160-200 per share.

Jio Financial lists as the third-most valuable NBFC

The market priced Jio Financial Services at Rs 262 a share, higher than the earlier estimated price of Rs 160-200 per share. At a valuation of Rs 166,000 crore, Jio Financial Services will be the 33rd-most valuable company in India and the third-most valuable non-banking finance company (NBFC). The market is now awaiting growth plans from the company, widely expected to be announced in the Reliance Industries annual general meeting.

(Economic Times, Financial Express, BusinessLine)

L&T to launch first ever buyback

Engineering and infrastructure conglomerate Larsen and Toubro is looking to launch its first buyback as well as declare a special dividend at its board meeting on July 25. The record date for the buyback would be set at August 2; the company did not provide any details on the quantum of the buyback. The last buyback L&T had proposed was in August 2018 but the company did not go ahead with it as it did not meet regulatory approvals.

(Economic Times, Financial Express)

Netflix to eliminate password sharing

Netflix has enjoyed its biggest single-time spurt of subscribers of 5.9 million subscribers as it moved to eliminate password sharing. The company has begun sending emails to subscribers explaining their options to them. In markets like India, Indonesia, Croatia and Kenya it is not offering an extra member option, given that it has recently cut prices. Separately, Netflix shares saw the biggest drop this year as its July-September revenue projections fell short of market expectations.