Jio Financial Share Price š
Jio Financial Services, the financial arm of Reliance Industries, is experiencing a strong surge in share purchases. The company recently filed an application with the Securities and Exchange Board of India (SEBI) to start its mutual fund business in the country. During Thursday’s trading session, Jio Financial’s share was trading at Rs. 243.25 with a 3% increase. However, it closed at Rs. 241.35 by the end of the day.
On Friday, January 5, 2024, Jio Financial’s share continued its upward trend with a 2.32% increase, trading at Rs. 247. The company’s share reached an all-time high of Rs. 278.20. Since its separation from Reliance Industries in August 2023, brokerage firm K.R. Choksey’s experts have recommended buying Jio Financial shares with a buy rating. They have set a target price of Rs. 290 for the company’s shares.
Jio Financial Services is a registered non-banking financial company (NBFC) under the Reserve Bank of India (RBI). The company reported a net profit of Rs. 31.3 crores for the financial year 2023. With positive growth indicators in its services, Jio Financial is likely to witness further upward movement in its share price.
In the near future, Jio Financial Services plans to debut in the mutual fund sector by establishing a joint venture with financial services company BlackRock, pending approval from SEBI. In July 2023, Jio Financial Services and BlackRock announced a 50:50 joint venture to launch asset management services in India, with both companies investing $15 million each.
Following the AMFI reclassification, Jio Financial Services has entered the large-cap segment. The current large-cap limit is Rs. 67,000 crores, which was previously only Rs. 49,700 crores before June 2023. After June 2023, some shares in the stock market were upgraded from mid-cap to large-cap, including Power Finance Corporation, IRFC, Macrotech Developers, Polycab India, REC, Shriram Finance, Union Bank, and IOB.
š° News Title: Jio Financial Share Price 6 January 2024 š
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