23-Feb-2024
2 mins read
Jio Financial’s share price jumped 10% on Friday, February 10, 2024, session. It is up by 22% in the current week, which pushed the company’s market capitalization to Rs 2 Lakh crore.
Currently, 39 firms in India are trading above two lakh crore market capitalization, Jio Financial is one of them.
JIOFIN is an NBFC firm that owns Jio Payments Bank, which has re-platformed to launch a digital savings account. It has also launched its debit card.
Jio Financial Services Limited has completed Sandbox for personal loans and consumer durable loans. However, after RBI tightened the rules of unsecured loans, Jio Financials is focusing on secured loans, including leasing as a product.
In the payment solution business, JIOFIN carried out a pilot launch of the Jio Voicebox, enabled Jio phones with UPI, and implemented QR codes across the system.
JFSL subsidiaries are Jio Payments Bank, Jio Insurance Broking, Jio Payments Bank, and Jio Payment Solutions.
Jio Finance Past Price Performance
By seeing the development in the Jio Financial company, Investors’ bullish sentiment is reflected in the share price. In February itself, the company’s share price rose by 34.52% and last week share price rose by 22%.
The shares of Jio Financials hit a fresh 52-week high and are staying above the Rs 300 mark. At the beginning of February, the shares gained positive momentum, and buyers succeeded in breaking out of the Rs 267 hurdle. It displayed a massive breakout, and the price shot up approximately 13% in a single day.
Later, after spending some time in consolidation, bulls succeeded in pushing the price upward and formed a bullish chart pattern.
In the third quarter of FY24, Company reported a net profit of Rs 293 crore and net interest income of Rs 269 crore. Jio Financial total net income was 414 crore and revenue was 413 crore.