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Jio Financial Services Share Price Climbs 7.12% on BSE, Fueled by New Initiatives

Jio Financial Services share price surged 7.12% to Rs 344.65 on BSE, driven by product launches, a joint venture with BlackRock, and a strong 46% stock gain in 2024.
Jio Financial Services Share Price Climbs 7.12% on BSE, Fueled by New Initiatives

Shares of Jio Financial Services surged by 7.12% on the BSE, closing at Rs 344.65 per share. The stock reached an intraday high of Rs 349.20 and a low of Rs 323.20. Jio Financial Services is a Non-Banking Financial Company (NBFC) and a subsidiary of Reliance Industries Limited (RIL). 

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Jio Financial Services saw 66.09 lakh shares change hands, resulting in a total turnover of Rs 222.14 crore. The stock is currently trading above all 8 of its Exponential Moving Averages (EMAs), including the 5-day, 10-day, 12-day, 20-day, 26-day, 50-day, 100-day, and 200-day averages.

Jio Financial Services is gearing up to launch its home loan products, as announced during its first annual general meeting after being listed on the stock exchanges in August 2023. The company is also planning to introduce loans against property and securities.

In a strategic move, Jio Financial Services is entering into a joint venture with BlackRock, as announced in July 2023. Both companies are investing $150 million each in the venture. Additionally, Jio Insurance Broking Limited (JIBL) has partnered with 31 prominent private and public sector insurance companies, offering their products through the JioFinance app.

Jio Financial Services’ stock has risen by 46% in 2024, significantly outperforming the Sensex and BSE Financial Services indices, which have gained 14% and 10%, respectively.

The company, with a market cap of Rs 2.18 crore as per BSE analytics, is a constituent of the BSE 200 index. Additionally, Jio Financial Services has invested Rs 67.70 crore in 6.75 crore optionally convertible preference shares of Reliance International Leasing IFSC Limited, a joint venture between Jio Financial Services and Reliance Strategic Business Ventures Limited.

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