Jio Financial Services (JFSL), the recently demerged Non-Banking Financial Company (NBFC), contributed to Mukesh Ambani’s recent wealth surge leading him back to the $100 billion club on Friday.
Jio Financial Services contributed to Mukesh Ambani’s recent wealth surge. It observed a gain of over 4.6%, closing at Rs 251.50 on Thursday, with a market capitalisation close to Rs 1.6 lakh crore on the Bombay Stock Exchange.
On the last day of trading, Jio Financial Services had an open price of Rs 243 and a close price of Rs 240.35. The stock reached a high of Rs 253.5 and a low of Rs 241.1. The market capitalization of the company is Rs 159,785.1 crore.
Ambani climbed to the 12th spot on the Bloomberg Billionaires Index as his wealth surged over $2.76 billion in a day. He has also overtaken billionaire industrialist Gautam Adani as Asia’s richest person.
According to the index, Ambani is the 12th-richest person in the world, ahead of L’Oreal heir Francoise Bettencourt Meyers. The total market capitalisation of RIL has reached the Rs 18.40 lakh crore mark. Notably, the stock experienced has seen a 12 per cent increase in the past month.
Jio Financial Services is gearing up for a formidable presence in 2024, building on its disruptive entry mid-2023.
A subsidiary of Reliance Industries has been steadily expanding its financial offerings and is set to intensify its impact this year.
JFS, having demonstrated its disruptive capabilities in India’s digital commerce and infrastructure sectors, has already introduced personal loan services for both salaried and self-employed individuals.
Leveraging the Jio Payments Bank, it aims to strengthen its payments vertical and capitalise on the Unified Payments Interface (UPI).
JFS’s strategic deployment of capital in microfinance, consumer finance, and digital payments will be crucial while effective marketing strategies and innovative product offerings will be key to attracting and retaining a loyal customer base.
In the coming days, Jio Financial Services adaptability to rising inflation and its impact on profits and consumer spending will be watched.
Managing changes in interest rates to mitigate effects on borrowing costs will also be vital.
While speaking at the 10th edition of the Vibrant Gujarat summit, Ambani had said, “I have come from the city of the Gateway of India to the gateway of modern India’s growth – Gujarat. I am a proud Gujarati…When foreigners think of a new India, they think of a new Gujarat.”
“How did this transformation happen? Because of one leader, who has emerged as the greatest global leader of our times – PM Modi, the most successful PM in India’s history,” he further said.
Ambani expressed optimism about the potential for innovation, stating, “In today’s India, it is the best time for youngsters to innovate and provide ease of earning. No power can stop India from becoming a $35 trillion economy by 2047.
