Jio Financial Services (JFSL) shares rose 4.4% to Rs 322 in Thursday trade on BSE amid inclusion in the Nifty Next 50 index. The National Stock Exchange (NSE) announced the change in its semi-annual review of broad market indices. JFSL will enter the index on March 28, 2024.
The scrip was trading 2.6% higher on BSE. Meanwhile, the stock has rallied 40% in the past three months.
Other than JFSL, Adani Power, Indian Railway Finance Corporation, Power Finance Corporation, and REC have been included, while Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene & Health Care, and Shriram Finance have been excluded in Nifty Next 50 index.
As per reports of Nuvama Institution Equities, the inclusion of JFSL would lead to inflows of around $89 million. Earlier last week, the scrip crossed the Rs 2 lakh crore market capitalisation mark for the first time.
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JFSL was also in the news amid speculations that the Ambanis have been in talks to buy the Paytm wallet business since November. Citing sources, a media report had said as part of a larger bailout plan, Jio may offer to acquire Paytm Payments Bank. However, the Vijay Shekhar Sharma-run entity had denied the talks.
The NBFC already owns Jio Payments Bank which has re-platformed to launch digital savings accounts and bill payments with a ground network of 2,400 business correspondents. It has also launched debit cards.
In the payment solutions business, Jio has carried out a pilot launch of the Jio Voice Box, enabled Jio phones with UPI, and is implementing QR codes across the ecosystem.
JFSL has completed the sandbox for consumer durable loans and personal loans. However, post RBI tightening on consumer unsecured lending, the company has increased its focus on secured lending including leasing as a product.
Subsidiaries of JFSL include Jio Finance, Jio Insurance Broking, Jio Payments Bank, Jio Payments Solutions, a proposed AMC, and a leasing subsidiary.
In Q3, retail investors had sold over 1 crore shares of Reliance Industries but bought 14.5 crore shares of JFSL.
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