Jio Financial Services, the financial arm of Reliance Industries, has been experiencing a remarkable upward trend in recent months, setting new record highs. This consistent growth has instilled confidence in investors, propelling the company forward.

In the latest trading session, the stock achieved a new all-time high of ₹394.70 per share, surpassing its previous record of ₹384.85 per share. Over the past six months, the stock has surged from ₹221 to the current value of ₹382.95, resulting in an impressive gain of 73.30%.

February alone witnessed a 25% jump in the stock price, followed by another 14.11% increase in March, and a further 9% rise in the current month.

The company’s fiscal year ending FY24 showcased exceptional performance, with consolidated net profit soaring to ₹1,605 crore from ₹31 crore in FY23. On a standalone basis, the yearly net profit stood at ₹383 crore, while the quarterly PAT reached ₹78 crore.

Also Read: Jio Financial & BlackRock Collaborate for Wealth Management Business

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Last week, the company announced a 50:50 joint venture with BlackRock to establish a wealth management and broking business.

This venture aims to engage in wealth management activities, initially forming a wealth management company and later a brokerage firm in India. The wealth management and broking sector in India is seeing notable growth due to the increasing number of demat accounts.