Jio Financial Services (JFSL) on Friday joined an elite group of companies having a market capitalisation of over Rs 2 trillion, as the stock hit a record high of Rs 325 and rallied 7 per cent on the BSE in Friday’s intra-day trade backed by heavy volumes.
In the past one week, the non-banking finance company (NBFC) stock has outperformed the market by surging 20 per cent, as compared to 1 per cent rise in the S&P BSE Sensex. It is now trading at its highest level since its listing on August 21, 2023.
In its December quarter earnings, the company reported a net profit of Rs 293 crore, with a net interest income of Rs 269 crore for the quarter. Its total interest income was Rs 414 crore, and its total revenue was Rs 413 crore.
In January, Jio Financial Services and Blackrock Financial Management filed documents with the markets regulator, the Securities and Exchange Board of India (SEBI), to launch a mutual fund business in India.
Jio Financial Services was listed on the stock exchange on August 21, 2023. Since its listing, the stock has gained more than 22 per cent.
As of December 2023, promoters held 47.12 per cent stake in the company.
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