“Jio Financial Services Surpasses ₹2 Lakh Crore Market Cap, Setting New Records “
In an unprecedented move, Jio Financial Services Ltd has marked a significant milestone by surpassing a market capitalization of ₹2 lakh crore. This achievement comes on the back of a remarkable 35% surge in its share price since the beginning of the year, contributing to a record high for Reliance Industries on February 23rd.
In an unprecedented move, Jio Financial Services Ltd has marked a significant milestone by surpassing a market capitalization of ₹2 lakh crore. This achievement comes on the back of a remarkable 35% surge in its share price since the beginning of the year, contributing to a record high for Reliance Industries on February 23rd.
With a notable 8% increase in its share price, reaching an all-time high of ₹326, Jio Financial Services has experienced a remarkable ascent in its valuation over the past five consecutive trading sessions. This surge has propelled the company’s market capitalization to an impressive ₹2.08 lakh crore, a feat that places it among the elite group of 39 firms trading above the ₹2 lakh crore market capitalization mark on local stock exchanges.
At the helm of this achievement is Reliance Industries, boasting a market cap of ₹20.05 lakh crore, followed closely by Tata Consultancy Services at ₹14.78 lakh crore and HDFC Bank at ₹10.78 lakh crore.
In its December quarter earnings report, Jio Financial Services revealed robust financial performance, reporting a net profit of ₹293 crore, with net interest income standing at ₹269 crore. The company’s total interest income amounted to ₹414 crore, with total revenue reaching ₹413 crore.
This remarkable success story is further underscored by Jio Financial Services’ strategic move towards diversification and expansion. Earlier this year, the company, in collaboration with Blackrock Financial Management, filed documents with the Securities and Exchange Board of India (Sebi) to launch a mutual fund business in India. This expansion initiative signals Jio Financial Services’ commitment to further solidifying its presence and offerings within the financial services sector.
Since its listing on the stock exchange on August 21, 2023, Jio Financial Services has demonstrated remarkable growth, with its stock witnessing an impressive surge of over 21%.
The unprecedented achievement of surpassing the ₹2 lakh crore market capitalization milestone underscores Jio Financial Services’ emergence as a formidable player in the financial services landscape, marking a significant milestone in its journey of growth and expansion. As the company continues to chart its path forward, stakeholders and investors alike eagerly anticipate further developments and innovations from this dynamic entity.
Sources By Agencies
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