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The market capitalisation of Jio Financial Services (JFS) exceeded Rs 2 lakh crore for the first time on Friday, driven by a 35% surge in its share price this year.

JFS shares have rallied more than 48% in the past three months and over 40% on a year-to-date (YTD) basis.

JFS’s stock gained for the fifth straight session, and at 10.30 am, shares of Jio Financial Services rose 8% to a record Rs 326.

The share price of Jio Financial Services also touched the 52-week-high today at Rs 347.00, while today’s low was Rs 305.35. (As of the time of filing the story)

Today, the shares rose nearly 17% during the the period with mcap of Rs 2.08 lakh crore.

It is worth highlighting that currently, 39 firms are trading above Rs 2 lakh crore market capitalisation on local stock exchanges.

Among these, Reliance Industries leads with a market cap of Rs 20.05 lakh crore. RIL is followed by Tata Consultancy Services and HDFC Bank with Rs 14.78 lakh crore and Rs 10.78 lakh crore, respectively.

The shares of JFS’s parent company, Reliance India Limited also hit a record high at Rs 2,989 intraday. The stock was trading at Rs 2,978 on BSE, up 0.5% from its previous close.

Jio Financial Services, a non-banking finance company (NBFC) has recently partnered with the world’s largest asset manager BlackRock to set up an asset management company with a combined investment of $300 million.

The entity operates its financial services business through its consumer-facing subsidiaries, namely Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), and Jio Payment Solutions Limited (JPSL), and a joint venture, namely Jio Payments Bank Limited (JPBL).

In August last year, post demerger from Indian billionaire Mukesh Ambani’s Reliance Industries, the Jio Financial Services (JFS) was valued at around $20 billion.

As debut, the Jio Financial Services shares were stronger, and the stock market experts were highly bullish on Dalal Street.

Also Read: Jio Financial Services valued at $20 billion; What’s there for shareholders?

  • Published On Feb 23, 2024 at 12:28 PM IST

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