On hearing that it would be included in the Nifty Next 50, Jio Financial Services surges over 4%; details
In Thursday’s BSE trading, Jio Financial Services (JFSL) shares increased 4.4% to Rs 322 as a result of being included to the Nifty Next 50 index. As part of the National Stock Exchange’s semi-annual index rejig, Jio Financial Services has been included to the Nifty Next 50 index.
The 28th of March will see the index modifications.
Jio Financial is one of the five companies that will form part of the Nifty Next 50 index, along with REC, PFC, IRFC, and Adani Power.
Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Health, and Hygiene Care will leave Nifty Next 50, the NSE stated in a news statement.
Inflows of around $89 million will result from the addition of Jio Financial Services, according to research published by local brokerage Nuvama Institutional Equities. According to the report, the exclusions would result in $142 million in outflows while the other inclusions will result in inflows of around $161 million.
Due to a 35% increase in its share price this year, Jio Financial Services’ market capitalization surpassed Rs 2 lakh crore for the first time on February 23.
To begin operating mutual funds in India, Jio Financial Services and Blackrock Financial Management submitted paperwork to the Securities and Exchange Board of India (Sebi) in January 2024.
Jio Financial declared net profit of Rs 293 crore and net interest income of Rs 269 crore for the December quarter. It brought in Rs 413 crore in revenue overall and Rs 414 crore in interest income.
