Mukesh Ambani's Jio Financial Services enters 2-trillion market cap club
Mumbai: Jio Financial Services, led by Mukesh Ambani, has joined the Rs 2-trillion market cap club, with its shares rising by 10.2% to reach Rs 334 on Friday, media reported.
This surge values the unit, which was spun off from Reliance Industries (RIL) last year, at Rs 2.12 trillion, reported Business Standard.
Throughout this month, Jio Fin's shares have seen a 34.5% increase.
These gains come amid issues faced by Paytm, a major player in digital payments, following regulatory actions by the Reserve Bank of India (RBI) against its payments bank unit.
One 97 Communications, the parent company of Paytm, has witnessed a significant decline of 46% in its shares this month.
The company is diversifying its operations by entering various sectors such as secured and unsecured lending, digital equipment leasing, supply chain financing, and enhancing its presence in insurance broking.
Jio Fin is also in the process of setting up an asset management company in association with Blackrock and has applied for registration with SEBI.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
