Jio Financial Services Ltd, a company under the helm of Mukesh Ambani, Asia's wealthiest individual, demonstrated remarkable performance on Friday. During trading, Jio's shares surged by up to 14 percent, reaching a high of 347 rupees before closing at 335 rupees, marking a 10.62 percent increase. With this surge, Jio Financial Services' market capitalization soared to 2.12 lakh crore rupees, surpassing the 2 lakh crore mark for the first time.
Investors are enthusiastic about Jio's robust performance, witnessing a staggering 40 percent increase in its share value over the past month. Within this timeframe, Jio's shares escalated from 240 rupees to 340 rupees. Concurrently, its parent company, Reliance Industries, also reached record highs in share prices on February 23rd.
Jio Financial Services opened at 305.80 rupees on Friday, reaching a high of 347 rupees during trading hours, and closing at 335 rupees. This marked the fifth consecutive day of Jio's shares closing positively.
Currently, in the Indian stock market, 39 companies boast a market capitalization exceeding 2 lakh crore rupees. Leading the pack is Reliance Industries, with a market capitalization of 20.19 lakh crore rupees, followed by TCS from the Tata Group with 14.67 lakh crore rupees, and HDFC Bank with 10.80 lakh crore rupees.
Jio Financial Services was listed on the stock exchange on August 21, 2023, and since then, its shares have appreciated by over 22 percent. The company, helmed by Mukesh Ambani, is focusing on secured lending and navigating the current market and regulatory environment cautiously regarding unsecured loans.
Its objective is to bolster its secured loan business with the launch of two new products. In January, both Jio Financial Services and BlackRock Financial Management submitted documents to SEBI to commence mutual fund operations in India.
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