Updated February 23rd, 2024 at 11:52 IST

Jio Financial market cap crosses Rs 2 trillion, stock surges 15% intraday

Over the past week, this NBFC has outshined the broader market, witnessing a remarkable 20% surge.

Reported by: Business Desk
Jio Financial market cap | Image:Republic
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Jio Financial market cap: Jio Financial Services (JFSL) has entered the league of companies with a market capitalisation exceeding Rs 2 lakh crore. The momentous milestone was achieved as the stock soared to a record high of Rs 347 apiece on the NSE, registering a staggering 14.57 per cent during Friday's intra-day trade, bolstered by robust trading volumes.

Over the past week, this non-banking finance company (NBFC) has outshined the broader market, witnessing a remarkable 20 per cent surge, compared to the benchmark Nifty 50 which gained 0.78 per cent during the same period. Its current trading levels mark the highest since its listing on August 21, 2023.

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The surge in the stock price propelled JFSL's market capitalisation to a remarkable Rs 2.09 trillion during intra-day trading. As of 11:30 am, JFSL was trading 8.57 per cent higher at Rs 328.80 apiece.

JFSL, a systemically important non-deposit-taking NBFC registered with the Reserve Bank of India, operates its financial services business through various consumer-facing subsidiaries and joint ventures, including Jio Finance Ltd (JFL), Jio Insurance Broking Ltd (JIBL), Jio Payment Solutions Ltd (JPSL), and Jio Payments Bank Ltd (JPBL).

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Amid recent media speculation regarding Paytm's potential sale of its wallets business, with JFSL being one of the frontrunners for acquisition, JFSL has refuted such claims, labelling them as speculative. The company reiterated that it has not engaged in any negotiations regarding this matter.

Looking ahead, JFSL aims to deepen its penetration in financial services by leveraging a digital-first approach and its strong brand equity. Analysts anticipate significant growth in the lending business, with expectations of robust asset under management (AUM) reaching Rs 4,600 crore in FY24E. Additionally, strategic partnerships and expansion plans are poised to further bolster JFSL's market position and capitalise on emerging opportunities in the financial landscape.

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Published February 23rd, 2024 at 11:39 IST