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Jio Financial Services Hits Record High, Market Cap Crosses Ôé╣2 Lakh Crore

On Friday, the share price of Jio Financial Services surged more than 14% to reach a new all-time high, marking the fifth consecutive session of gains. The shares rose by as much as 14.50% to reach a record high of Ôé╣347 apiece on the Bombay Stock Exchange (BSE).

Rally and Market Capitalization

Jio Financial Services has seen a rally of over 48% in the last three months and has gained more than 40% year-to-date, reaching a market capitalization of over Ôé╣2 lakh crore.

Listing and Other Reliance Industries Ltd Developments

The demerged entity of Reliance Industries Ltd (RIL), Jio Financial Services, was listed on the stock exchanges on August 21, 2023. In the meantime, the share price of Reliance Industries also reached a record high of Ôé╣2,989.40 apiece on the BSE, with a market cap of more than Ôé╣20.1 lakh crore.

Jio Financial Services’ Operations and Partnerships

Jio Financial Services operates its financial services business through various subsidiaries and joint ventures, namely Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), Jio Payment Solutions Limited (JPSL), and Jio Payments Bank Limited (JPBL). The company has also established a partnership with BlackRock, the world’s largest asset manager, to set up an asset management company with a combined investment of $300 million.

Technical Analysis and Recommendations

Based on technical charts and analysis by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities, investors are advised to buy, hold, and accumulate Jio Financial Services stock with an expected upside of Ôé╣330ÔÇô365 and a downside support zone of Ôé╣290ÔÇô280 levels.

Financial Report and Stock Performance

In the quarter ended December 2023, Jio Financial Services reported a consolidated net profit of Ôé╣293.82 crore, which was a 56% decrease from Ôé╣668.18 crore in the previous quarter. The company’s consolidated revenue from operations in Q3FY24 also decreased by 32% on a sequential basis to Ôé╣413.61 crore from Ôé╣608.04 crore.

AI legalese decoder‘s Role

AI legalese decoder can help investors and stakeholders understand the legal and financial terminology used in the reports and announcements related to Jio Financial Services. It can simplify complex legal jargon and explain the implications of various legal and financial developments in a more understandable and accessible format.

Conclusion

Jio Financial Services continues to make significant strides in the market, marked by its record high share price and market capitalization. With its operations and partnerships expanding, coupled with technical analysis and financial reports, the company’s performance and potential for growth are under the spotlight.

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