On February 22, Jio Financial Services Ltd saw its stock surge to a record high, marking an almost 5 percent increase and reflecting a notable 26 percent gain over the preceding month. The unit of Reliance Industries closed trading at Rs 303.85 on the National Stock Exchange (NSE), rising by 4.74 percent.
In its earnings report for the December quarter, the company disclosed a net profit of Rs 293 crore, accompanied by a net interest income of Rs 269 crore. Total interest income for the quarter amounted to Rs 414 crore, with total revenue reaching Rs 413 crore.
In January, Jio Financial Services, in collaboration with Blackrock Financial Management, submitted documents to the Securities and Exchange Board of India (SEBI) signaling their intention to launch a mutual fund business in India. Jio Financial Services had made its debut on the stock exchange on August 21, 2023, and since then, the stock has appreciated by more than 22 percent.
