Jio Financial Services Market Cap Hits ₹2 Lakh Crore

Jio Financial Services Ltd achieves a milestone as its market capitalization surpasses ₹2 lakh crore, driven by a remarkable 35% surge in its share price this year. At the same time, Reliance Industries also achieved a record high on February 23.

Shares of Jio Financial Services soar 8%, reaching a record ₹326 in the fifth consecutive session, contributing to a cumulative increase of nearly 17% during this period and resulting in a market capitalization of ₹2.08 lakh crore.

Jio Financial Services enters Elite Club of ₹2 Lakh Crore Market Cap:

With the Financial Services’ achievement, the number of companies trading above ₹2 lakh crore market capitalization on local stock exchanges rises to 39, with Reliance Industries leading the list at ₹20.05 lakh crore, followed by Tata Consultancy Services and HDFC Bank.

Financial Performance Highlights:

In the December quarter earnings report, Financial Services records a net profit of ₹293 crore, net interest income of ₹269 crore, total interest income of ₹414 crore, and total revenue of ₹413 crore, showcasing robust financial performance.

The Financial Services and Blackrock Financial Management have filed documents with Sebi to launch a mutual fund business in India, indicating strategic expansion plans in the financial sector.

Positive Stock Performance of Jio Financial Services:

Since its listing on the stock exchange on August 21, 2023, the Financial Services’ stock has surged more than 21%, reflecting investor confidence and positive market sentiment towards the company’s prospects.