Thanks to a 35% increase in share price this year, Jio Financial Services Limited’s market capitalization surpassed Rs 2 lakh crore for the first time. On February 23, Parent Reliance Industries also reached a record high.
Shares of Jio Financial Services increased 8% to a record Rs 326 at 10.30 am. The stock increased for a sixth straight session, adding about 17% to its market capitalization of Rs 2.08 lakh crore.
RIL achieved an intraday high of Rs 2,989, a record. The stock was up 0.5 percent from the previous close to trade at Rs 2,978 on the BSE.
Companies situations
39 companies currently trade on local stock exchanges with market capitalizations greater than Rs 2 lakh crore. With a market valuation of Rs 20.05 lakh crore, Reliance Industries is the market leader, followed by HDFC Bank and Tata Consultancy Services, at Rs 10.78 lakh crore and Rs 14.78 lakh crore, respectively.
Jio Financial Services reported ₹293 crore in net profit, ₹269 crore in net interest income, ₹414 crore in total interest income, and ₹413 crore in total revenue for the December quarter.
Jio Application to SEBI
Jio Financial Services and Blackrock Financial Management submitted applications to Sebi earlier this year in order to start a mutual fund company in India. Jio Financial Services’ shares have increased by more than 21% since it was listed on the public exchange on August 21, 2023.
In the meantime, RIL’s stock reached a new high of Rs 2,988 in early trading, bringing its year-to-date (YTD) gains to around 15%.
Stats on NSE
Jio Financial Services shares were up over 10% as of 11:45 am on the National Stock Exchange (NSE), trading at Rs 334 a share. The market is nonetheless keeping a careful eye on the financial behemoth’s calculated actions and its entry into secured lending, hoping for more expansion and stability down the road.
The strategic partnership that Jio Financial has established with BlackRock, the largest asset manager globally, is an intriguing move. With a $300 million combined investment, they plan to launch an asset management firm. It is anticipated that this collaboration will open up new doors and directions for the financial industry’s expansion.
Comments 2