Discover the jaw-dropping surge of Jio Financial Services shares, soaring an astonishing 14% to hit a record high. Uncover the secrets behind this unprecedented rally and learn how investors are capitalizing on this incredible opportunity!
Record Jump in Jio Financial Services Share Price
Jio Financial Services witnessed a remarkable surge in its share price, climbing more than 14% to reach an all-time high on Friday. This upward trend marks the fifth consecutive session of gains for the company. The shares of Jio Financial spiked by as much as 14.50%, reaching a record value of ₹347 each on the BSE.
Over the past three months, Jio Financial Services shares have rallied by over 48%, showcasing a robust growth trajectory. On a year-to-date (YTD) basis, the company has seen an increase of more than 40% in its share value, with its market capitalization crossing the ₹2 lakh crore mark.
Jio Financial Services, a demerged entity of Reliance Industries Ltd (RIL), made its debut on the stock exchanges on August 21, 2023.
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Reliance Industries Shares on the Rise
In addition to the impressive performance of Jio Financial, the share price of Reliance Industries also saw a boost, climbing by 0.9% to hit a record high of ₹2,989.40 per share on the BSE. With a market capitalization exceeding ₹20.1 lakh crore, Reliance Industries continues to demonstrate strong growth.
As a non-banking finance company (NBFC), Jio Financial Services operates its financial services business through various consumer-facing subsidiaries. These include Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), and Jio Payment Solutions Limited (JPSL), along with a joint venture named Jio Payments Bank Limited (JPBL).
Jio Financial Services has entered into a significant partnership with BlackRock, the world’s largest asset manager, to establish an asset management company. This collaboration involves a combined investment of $300 million, indicating ambitious plans for expansion.
Financial Performance
In the quarter ending December 2023, Jio Financial Services reported a consolidated net profit of ₹293.82 crore. Although this figure represented a decline of 56% from the previous quarter (Q2FY24), it underscores the company’s ongoing profitability. However, the company witnessed a 32% slump in consolidated revenue from operations in Q3FY24, dropping to ₹413.61 crore from ₹608.04 crore.
As of 10:55 am, Jio Finance shares were trading at ₹327.70 apiece on the BSE, reflecting an 8.13% increase from previous levels. This indicates continued investor interest and confidence in the company’s growth prospects.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev and BSE/NSE have contributed to the above report
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