16-Jan-2024
2 mins read
Jio Financial Services’ stock price reacted negatively on Tuesday and opened a gap of 6%. Yesterday, the subsidiary of Reliance Industries – Jio Financial Services, reported the Q3 FY24 Earnings.
It reported a Net Profit of Rs 293 crore for the December quarter, down from Rs 668 crore in the previous quarter. Due to this, investors reacted negatively, and JIOFIN shares displayed a sudden fall. However, it took support near Rs 250, and buyers were trying to buy the dip.
Jio Financial Management Said on Exchange Filing
The company said it had made two new appointments in the senior management. “Board of Directors, on the recommendation of the Nomination and Remuneration Committee and Audit Committee, approved the appointment of Rupali Adhikari Sawant as Group Head – Internal Audit of the Company with effect from January 15, 2024 and Sudheer Reddy Govula as Group Chief Compliance Officer of the Company in accordance with RBI Circular on Compliance Function and Role of Chief Compliance Officer, for a period of four years with effect from January 15, 2024,” Jio Financial management said in exchange notification.
Past Performance of Jio Financial
The company is trying to acquire new customers and expand their insurance broking and payment services all over India. The technical chart of JIOFIN stock looks bullish, and the price performed well in the current month. It shows that investors are confident in the company’s future outlook.
India’s financial sector has high growth potential, and a few top-listed companies are trying to capture the market share. Jio Financial Services is backed by a trustable brand, Reliance. So, customers may be attracted in the future, which may positively impact future earnings.
Brokerages keep track of Jio Financial’s progress and say that it is taking a balanced approach to growth. This was the second financial report after its listing. The company is exploring multiple sectors like asset management, consumer finance and insurance. So, in the coming quarter, earnings growth may be visible.