News
How one woman’s quest to fix her Harlem housing complex got her busted on campaign finance charges
When the Manhattan district attorney’s office charged six people last summer in a conspiracy to bundle illegal campaign contributions to the Eric Adams mayoral campaign, prosecutors alleged five of them did it to benefit themselves or companies with business before the city.
But the sixth defendant swept up in the so-called “straw donor” case — a 78-year-old retired accountant with no prior record named Millicent Redick — didn’t fit that narrative.
In her first interview, Redick tells the Daily News her motivation arose not from self-interest, but from desperation. Redick said she was hoping to find a way to persuade indifferent city officials to address nightmarish conditions in Esplanade Gardens, the sprawling Mitchell-Lama co-op in Harlem where she has lived since 1968.
“I wrote letters to elected officials, I wrote letters to the city,” Redick said. “I wrote press releases. I contacted code enforcement. I went to the courts. They did nothing. It’s like a Catch-22.”
In April, prosecutors acknowledged in court that Redick neither benefited financially nor was a key player in the alleged scheme. No money she touched actually ended up with the campaign.
In May, at the urging of Judge Althea Drysdale, prosecutors offered her a misdemeanor plea with no fine or jail time. They even mulled allowing her to plead to a noncriminal violation.
But Redick has so far declined, insisting she did nothing wrong.
“She’s a fighter and I admire her,” said Redick’s lawyer Alexei Grosshtern. “Her goal was to bring attention to the dire situation in her housing development. That attracted the attention of politicians like Mr. Adams and that is what roped her into this situation. But her desire was an entirely selfless one.”
Urban renewal turned nightmare
The story of how Redick arrived at this crossroads begins with Esplanade Gardens itself and involves an appearance by the future mayor.
The birth of the six-building complex with roughly 1,800 apartments at W. 147th St. and Adam Clayton Powell Jr. Blvd. was heralded in a 1963 New York Times article titled, “Middle Income Co-Op Planned in Old Transit Yard in Harlem.”
Redick and her now-deceased husband, Lawrence Redick Jr., moved into a 21st-floor apartment at 129 W. 147th St. in 1968, and over five decades, built a life and raised their two kids.
Manhattan DA Alvin Bragg, the man who would charge Redick in 2023, in fact, lived for part of his childhood in the complex. His mom actually taught Redick in a continuing education math class in 1973, Redick says.
Over the years, Redick built close ties to her neighbors and was active in Harlem issues around housing, banking, air pollution and supermarkets. She also served on the co-op board.
In March 2016, Redick’s husband, then 69, died during surgery at New York-Presbyterian Hospital, court records show. She sued the hospital for wrongful death. The case was settled last March for $900,000.
At Esplanade Gardens, as time passed, the physical condition of the complex deteriorated and the co-op had trouble keeping up. A 2012 story in The News quoted residents complaining about broken elevators, leaks and delayed repairs. The complex’s pool where Redick had watched her kids play has been closed for repairs for six years.
In 2020, the board brought in a contractor to begin wholesale repairs. But what followed was a range of problems detailed in dozens of lawsuits and thousands of complaints and violations reviewed by The News. Deafening drilling and widespread disruption stressed an aged population left in their apartments during the height of the pandemic rather than being relocated, according to residents and court papers.
Millicent Redick
Pictures from Millicent Redick’s apartment showing damage in bathroom caused by contractors. (Millicent Redick)
In Redick’s apartment, leaks from floors above caused by the renovation exposed her to toxic mold and damaged her health. She says workers also left her ceiling with broken and defective plaster in several rooms. Records show Redick filed multiple complaints and city inspectors issued 28 violations in 2020 and 2021. But little was resolved, Redick says.
Fed up, she sued the co-op and its management company in April 2021.
More than three years later, the case is still pending and, Redick says, the mold and leak problems remain.
Obtained by Daily News
Damage from a leak in Millicent Redick’s apartment. (Obtained by Daily News)
In Gloria Lowe’s apartment, workers bizarrely installed a water pipe that protrudes 2 feet below her living room ceiling. Workers broke a hole in a wall. Leaks warped her floors, her kitchen tiles cracked and mold mushroomed in her linen closet, a list of violations included in one of the court files shows.
Lowe, a retired educator, filed suit in September 2022. She has appeared in court at least 15 times. The pipes still jut from her ceiling. She has refused to pay maintenance, and the complex has twice towed her car. She’s spent thousands to fix the problems and says she has slept in hotels at times.
In Gloria Lowe’s apartment, workers bizarrely installed a water pipe that protrudes two feet below her living room ceiling. (Téa Kvetenadze / New York Daily News)
“It’s just been unbelievable. It’s hard for anybody to envision what we went through,” Lowe said.
Tracey Jones, a resident of 2569 Seventh Ave., says her apartment has been afflicted with leaks that led to mold and disgusting odors. Her bathroom tiles were damaged. There were holes in her walls. Jones sued in 2023.
Tracey Jones, a resident of 2569 7th Ave., provided The News with these photos of a neighbor’s apartment with heavy mold problems.
“They’ve been held in contempt of court. They’ve had a $24,000 violation they haven’t paid,” she said, referencing legal action she has taken. “This is my fourth time in civil court.”
On Dec. 24, 2021, Jones’ 78-year-old aunt Ellen Grant wrote an anguished letter about her own apartment to the board, the contractor and local pols begging for help.
Plastic covered Redick’s possessions for more than a year. (Millicent Redick)
In the letter, penned in perfect script, she wrote she had no access to her bed as a result of the renovation and had to sleep on her sofa with her legs on a stool. She couldn’t use her kitchen or shower and had no ventilation because the windows had to be closed.
“Due to the conditions I have been forced to live in, my ability to walk has greatly deteriorated,” she wrote. “Pain, suffering, medical bills — none of which was a part of my medical history before this so-called ‘capital improvement.’ ”
Five months later, on May 24, 2022, Grant was dead. Jones said she found her body on the floor by the sofa surrounded by clutter and construction debris.
Graham Rayman
An anguished letter that Ellen Grant, 78, wrote in December 2021 to city officials. Five months later she was dead. (Tracey Jones)
A snapshot of city inspection records from May 23 show 1,657 complaints filed in the past two years and 2,371 open — or unresolved — violations. Tenants have filed at least 88 lawsuits.
The city Housing Preservation and Development Department has sued the complex at least nine times over conditions since Jan 1, 2023 The Buildings Department had full or partial stop work orders on five of the six towers as of May 23.
Gloria Lowe
Contractors mistakenly drilled a hole in a wall in Gloria Lowe’s apartment through to the outside “big enough to put a football through,” Lowe said. (Gloria Lowe)
The court files are thick with judge’s orders to fix problems, and city inspectors have fined the co-op $11,500 for recent heat and hot water violations, but often there are long delays if the problems are fixed at all.
Meanwhile lawyers for Esplanade Gardens have filed at least 173 suits against tenants for nonpayment of rent. Records show the complex claims tenants owe $6.2 million in back maintenance — a sum that has been growing for many years and includes people who aren’t paying out of protest against the conditions.
Ilana Maier, a spokeswoman for the Housing Preservation and Development Department, described the Esplanade renovation as complicated by the pandemic and aging infrastructure combined with funding struggles — challenges many Mitchell-Lama co-ops are facing.
In legal responses to the lawsuits, Esplanade Gardens denied many of the allegations. The board chairman declined to comment for this story.
Can Eric help?
By 2021, Redick and her longtime friends in the complex were at their wit’s end. They decided to try to arrange a meeting with Adams, who was running for mayor.
“On Sundays in the summer, we would all cook a meal and sit at the pool and have our jazz and watch our kids swim and we would laugh. It was a family affair,” Redick said. “All that was taken from us. So I called the ladies — come on y’all, all of us.”
Redick says she turned to contractor Shamsuddin Riza, a friend of her late husband for whom she provided accounting services.
Riza told The News he contacted retired NYPD Inspector Dwayne Montgomery to set up a meeting for Redick with Adams about Esplanade.
“I said she’s a very good person and what’s happened to the seniors there is a shame,” Riza said. “He said, ‘No problem.’”
Montgomery and Riza were both later charged in the straw donor case. Neither Adams nor his campaign, prosecutors say, was aware of the scheme.
In late May 2021, Adams and David Johnson, then a campaign aide and now a special assistant to the mayor, arrived at Redick’s front door to meet with her and six of her friends. Redick and Lowe say Adams spent about an hour there and listened as they laid out the problems in the complex. Lowe took photos of the group.
“He made general promises,” Redick said. “We hoped he would help us resolve these issues that we have had.”
Obtained by Daily News
In May 2021, candidate Eric Adams spent an hour in Redick’s living room with Redick and six other Esplanade residents. After his election, little has improved, Redick and Gloria Lowe say. (Obtained by Daily News)
After he departed, the women agreed to raise money for his campaign. Redick donated $500 to Adams that August. She says she also collected contributions from residents and turned them into money orders.
Redick says she sent copies of the money orders to Riza but held on to the originals. Once she learned the campaign was no longer accepting donations, she refunded the money orders to the people who donated.
The indictment alleges Riza sent her two checks totaling $3,100 to buy money orders to further the straw donor scheme.
But Redick says the checks from Riza were payment for unrelated bookkeeping work she did for him. Riza backed up Redick’s account to The News.
Campaign fraud Shamsuddin Riza Mayor Eric Adams
Curtis Means / Pool
Shamsuddin Riza is pictured during his arraignment in April. (Curtis Means/Pool)
Adams won the election and took office in January 2022. Redick, Lowe and Jones all say nothing has changed. City government has been no more responsive to their concerns after Adams’ election than before.
“He could’ve appointed someone who would sincerely monitor the work being done here. Someone with oversight power,” Redick says.
“He could have dealt with the environmental issues, the finances. He could have done a lot of things. He didn’t do any of it.”
William Fowler, a spokesman for the mayor, referred questions on the meeting itself to his campaign, but said Adams has a long record of pushing for legislative reforms to address problems in Mitchell-Lama complexes.
“He has proven time and again his commitment to helping these oft-forgotten New Yorkers —– many of whom are elderly, people of color on fixed incomes,” Fowler said. “The Adams administration has continued to work with Mitchell-Lama boards to make improvements to their buildings while ensuring they remain affordable.”
Adams campaign attorney Vito Pitta did not reply to emails from The News.
Redick cuffed and perp walked
On July 7, 2023, Redick was called to the Manhattan DA’s office, held in handcuffs for four hours, then paraded through a gantlet of TV cameras to her arraignment.
“I didn’t know what was going on,” she said. “I don’t even jaywalk so how did I get here? It’s not funny, but you have to laugh to keep from crying.”
Montgomery, Riza and businessmen Yahya and Shahid Mushtaq and Ronald Peek were accused of pursuing the scheme to advance business with the city.
Curtis Means / Pool
Dwayne Montgomery appears in court on July 7, 2023. (Curtis Means / Pool)
Media reports zeroed in on a quote from a July 2021 wiretapped call in which Montgomery told Riza “[Adams] said he doesn’t want to do anything if he doesn’t get 25 G’s” for his campaign.
Regarding Redick, the indictment alleged Riza enlisted her “to obtain straw donors in Harlem after Montgomery needed 10 more donors to facilitate another contribution.”
For most of last winter, Redick was without heat, She sued over that in Housing Court in February, court records show. The lack of heat forced her to stay with relatives, she said
In addition to dealing with the criminal case, she has had to trudge numerous times to Housing Court. She wins rulings but little changes.
In April, Esplanade Gardens sued her for nonpayment of rent. She says the co-op is now blocking her from using the parking space she has had for decades.
Barry Williams for New York Daily News
Millicent Redick is pictured in Esplanade Gardens in May. (Barry Williams for New York Daily News)
“What upsets me the most is here’s someone who has lived there so long and put so much time into the community to have the city turn their back on her,” Redick’s son Lawrence Redick III, 58, said. “The tenants suffered. The complex is not responsive. The courts don’t really resolve it. Where do you go from there?”
Maier, the Housing Preservation and Development Department spokeswoman, said the complex is seeking a loan from the city and $7 million in city funding is in the pipeline to help complete the renovation.
She said the city doesn’t have the legal authority to manage the day-to-day operations of the complex, but the department closely watches finances, the progress of construction and selection of new tenants.
“Generally speaking, lack of oversight is not the driving force of issues at Esplanade Gardens, it’s the high amount of unfunded capital needs,” she said.
After all the hubbub of the arrests, a year later, the four defendants closest to the scheme have pleaded guilty piecemeal to lesser charges.
Montgomery, the ex-police inspector, was facing prison time, but pleaded to a misdemeanor and received a $500 fine and 200 hours’ community service. Riza, the contractor, also facing prison time, received three years’ probation.
The Mushtaq brothers received 35 hours of community service. Peek’s case is pending.
Redick is due back in court July 16.
News
Breakfast on Wall Street: The Week Ahead
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
News
Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
News
Latest Business News Live Updates Today, July 11, 2024
Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.
Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.
Follow all the updates here:
-
Thu, 11 Jul 2024 08:44 PM
Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
-
Thu, 11 Jul 2024 03:58 PM
Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
-
Thu, 11 Jul 2024 03:51 PM
Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
-
Thu, 11 Jul 2024 03:09 PM
LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
-
Thu, 11 Jul 2024 02:39 PM
LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
-
Thu, 11 Jul 2024 01:39 PM
LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
-
Thu, 11 Jul 2024 01:10 PM
Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
- A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.
-
Thu, 11 Jul 2024 12:44 PM
LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
- The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.
-
Thu, 11 Jul 2024 12:18 PM
Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
-
Thu, 11 Jul 2024 11:30 AM
Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
-
Thu, 11 Jul 2024 11:04 AM
LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
- TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.
-
Thu, 11 Jul 2024 10:22 AM
LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
- Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.
-
Thu, 11 Jul 2024 09:42 AM
LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
-
Thu, 11 Jul 2024 09:16 AM
Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
-
Thu, 11 Jul 2024 08:40 AM
LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
-
Thu, 11 Jul 2024 08:35 AM
LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
-
Thu, 11 Jul 2024 07:59 AM
LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
- In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.
-
Thu, 11 Jul 2024 07:45 AM
Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
News / Business / Latest Business News Live Updates Today, July 11, 2024
Source
News
Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore Latest Updates here!
Topics that may interest you
-
DeFi6 months ago
Switchboard Revolutionizes DeFi with New Oracle Aggregator
-
Fintech9 months ago
Fintech unicorn Zeta launches credit as a UPI-linked service for banks
-
DeFi8 months ago
👀 Lido prepares its response to the recovery boom
-
News6 months ago
Latest Business News Live Updates Today, July 11, 2024
-
DeFi6 months ago
Is Zypto Wallet a Reliable Choice for DeFi Users?
-
Fintech6 months ago
FinTech LIVE New York: Mastercard and the Power of Partnership
-
News8 months ago
Salesforce Q1 2025 Earnings Report (CRM)
-
DeFi6 months ago
Ethena downplays danger of letting traders use USDe to back risky bets – DL News
-
News8 months ago
Think Finance Loan Repayment Scam Victims to Get $384 Million
-
ETFs9 months ago
Gold ETFs see first outing after March 2023 at ₹396 cr on profit booking
-
Videos8 months ago
“We will enter the ‘banana zone’ in 2 WEEKS! Cryptocurrency prices will quadruple!” – Raoul Pal
-
Videos9 months ago
PREPARE! Millions of People Will Buy Bitcoin When the “ULTIMATE COLLAPSE” Begins in 2024 – Larry Lepard