Jio Financial Share Price witnesses strong boom with increased circuit filters
Shares of Jio Financial Company, owned by India’s richest businessman Mukesh Ambani, are experiencing a significant surge. The Bombay Stock Exchange (BSE) has recently raised the upper circuit filter for Jio Financial Company shares from 5 percent to 20 percent. This new circuit rate came into effect on September 4, 2023. This means that the shares of Jio Financial Company will now trade with a gain or loss of 20 percent, which are the high and low limits set by SEBI. Circuit filters are implemented to control excessive fluctuations in share prices, ensuring investors do not face excessive profit or loss. Currently, the shares of Jio Financial Company are trading at Rs 251.50, up 2.59 percent.
Changes in circuit filters for other companies
In addition to Jio Financial Company, BSE has also increased the circuit filters for shares of Shree Venkatesh Refineries, Railtel, India Pesticides, and Super Fine Knitters to 10 percent. Rishabh Digha Steel, Vertex Securities, and Ratan India Power Company have changed their circuit filters to 5 percent.
Share performance and market capitalization
Last week, Jio Financial Company shares were trading at Rs 245.30 with a 5 percent gain. The total market capitalization of the company stands at Rs 1.55 lakh crore. Despite earlier plans for delisting from the BSE index, the stock remained listed due to selling pressure and lower circuit. Currently, Jio Financial Company shares are traded on major indices such as Sensex and Nifty 50.
Jio Financial Company expands into insurance sector
During the company’s 46th Annual General Meeting on August 28, 2023, Reliance Industries CEO Mukesh Ambani announced that Jio Financial Company will venture into the life insurance, general insurance, and health insurance sectors in the future. Additionally, the company has partnered with American giant Blackrock to enter the asset management industry.
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