Hot Pursuit     04-Sep-23
Jio Financial rallies 20% in five days
Jio Financial Services Ltd (JFSL) rose 3.42% to Rs 253.70, extending recent steep rise.
Shares of JFSL have risen 20% in five consecutive sessions. It hit a record high of Rs 278.20 on 21 August 2023 and a record low of Rs 205.15 on 25 August 2023.

The stock had a lackluster start on the stock exchanges on 21 August 2023, with a tepid debut. The shares were listed at Rs 265 on the BSE and Rs 262 on the National Stock Exchange (NSE). Although the listing price was slightly above its discovered price of Rs 261.85 per share, the market response was relatively subdued.

The company's market capitalization on the BSE now stands at Rs 1,61,246.35 crore.

BSE in a circular said it increased the price band for the stock to 20% from 5% earlier. This revision in the circuit limit for JFS is anticipated to result in the eventual exclusion of the stock from NSE indices, including the Nifty, during the current week. Notably, the stock had already been removed from the Sensex and other BSE indices the previous week.

The financial services operations of Reliance Industries (RIL) were demerged and transferred to Reliance Strategic Investments (RSIL), subsequently renamed Jio Financial Services Ltd (JFSL). Shareholders received one JFSL share for each RIL share they held.

JFSL has ambitious plans to offer a diverse range of financial services solutions and expand into insurance, digital payment, and asset management sectors.

With this spinoff, JFSL will become the fifth-largest financier in terms of capital, positioning itself as a direct competitor to prominent names like Paytm and Bajaj Finance. Additionally, it is expected to complement RIL's consumer businesses, which include the largest wireless operator in India with approximately 428 million users, and a retail chain with over 17,000 stores.

Previous News
  Sensex climbs 260 pts; bank shares in demand
 ( Market Commentary - Mid-Session 19-Jun-24   14:40 )
  Jio Financial Services standalone net profit rises 237.65% in the March 2024 quarter
 ( Results - Announcements 19-Apr-24   21:55 )
  Jio Financial Services consolidated net profit declines 5.81% in the June 2024 quarter
 ( Results - Announcements 16-Jul-24   07:31 )
  Jio Financial posts PAT of Rs 311 crore for Q4 FY24
 ( Hot Pursuit - 20-Apr-24   12:15 )
  Jio Financial corrects after exclusion from NSE indices
 ( Hot Pursuit - 06-Sep-23   11:05 )
  Jio Finance receives ratings action from CRISIL
 ( Corporate News - 01-Feb-24   11:22 )
  Jio Financial Services to conduct board meeting
 ( Corporate News - 11-Jul-24   09:29 )
  Indices off day's high; FMCG shares rally for 8th day in row
 ( Market Commentary - Mid-Session 16-Jul-24   12:33 )
  Jio Financial shares valued at Rs 261.85 each
 ( Hot Pursuit - 20-Jul-23   11:06 )
  Jio Financial Services appoints Group Chief Risk Officer
 ( Corporate News - 19-Jun-24   13:50 )
  Market hits new life high; IT shares in demand
 ( Market Commentary - Mid-Session 12-Jul-24   11:32 )
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