The market cap of Jio Financial crosses Rs 2 lakh crore, and the stock has rallied 48% so far this year
Joining an exclusive club of businesses with a market capitalization of more than Rs 2 trillion, Jio Financial Services (JFSL) saw its stock rise 7% on the BSE during Friday’s intraday trading, driven by strong volumes, and reach a new high of Rs 325.
The non-banking financing company (NBFC) stock has surged 20% over the last week, outpacing the market, while the S&P BSE Sensex has increased by only 1%. Since August 21, 2023, when it was first listed, it has now reached its greatest trading level.
The business declared a net profit of Rs 293 crore for the December quarter, with net interest income of Rs 269 crore. It made Rs 413 crore in total revenue and Rs 414 crore in interest income.
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.
On August 21, 2023, Jio Financial Services went public on the stock market. The stock has increased by more than 22% since it was listed.
Promoters owned 47.12 percent of the firm as at December 2023.
