The price of Jio Financial Services’ shares increased by over 14% on Friday to reach a new high, continuing the upward trend for the fifth straight day. On the BSE, Jio Financial shares increased by up to 14.50%, reaching a record high of ₹347 a share.
With a market valuation that has surpassed ₹2 lakh crore, Jio Financial Services’ shares have increased more than 48% over the last three months and more than 40% year to date (YTD).
On August 21, 2023, Reliance Industries Ltd (RIL)’s split company, Jio Financial Services, went public on stock exchanges. In the meantime, the market capitalization of Reliance Industries, which has a market value of more than ₹20.1 lakh crore, increased by 0.9% to a record high of ₹2,989.40 per share on the BSE.
Through its consumer-facing subsidiaries, Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), and Jio Payment Solutions Limited (JPSL), as well as a joint venture, Jio Payments Bank Limited (JPBL), the non-banking finance company (NBFC) manages its financial services business.
The business has established an asset management company with a $300 million combined investment thanks to a partnership with BlackRock, the largest asset manager in the world.
What are the technical charts saying?
The stock has broken out of a “multiple resistance” range in the weekly time frame, with levels between ₹268 and 270. Large crowds at this rally indicate a higher level of involvement.
A stronger momentum is seen in the weekly Bollinger band buy signal. SVP of Technical and Derivatives Research at Axis Securities Rajesh Palviya stated, “The stock is well positioned above its 20, 50, and 100-day SMA, and these averages are inching up along with the price rise.”
The stock is expected to rise between ₹330 and 365, with a support zone of ₹290 and 280 on the downside. He advises investors to purchase, hold, and accumulate them.
Also Read | Jio Financial Services, owned by Mukesh Ambani, will issue its first bond to raise ₹10,000 crore
Finances
After reporting a consolidated net profit of ₹293.82 crore for the quarter that ended in December 2023, Jio Financial Services saw a 56% decrease from ₹668.18 crore in the prior quarter (Q2FY24).
As compared to ₹608.04 crore in Q3FY24, the company’s consolidated revenue from operations fell 32% on a sequential basis to ₹413.61 crore.
Jio Finance shares were up 8.13% at ₹327.70 per share on the BSE at 10:55 am.
(Disclaimer: businessuncover.com does not endorse the opinions or suggestions expressed above; rather, they are the opinions of specific analysts or broking firms. Before making any investment decisions, we advise investors to consult with qualified specialists.)
Also Read | Infosys CEO Salil Parekh has joined the Board of the US India Strategic and Partnership Forum
