Jio Financial Services Latest News

Sep 1, 2023 - 14:32
Sep 1, 2023 - 14:33
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Jio Financial Services Latest News

31 August

Jio Financial Services to be Removed from Sensex on Septemeber 1

Jio Financial Services (JFS), the financial arm of Reliance Industries, will be removed from all S&P BSE Indices effective from September 1, 2023, following its listing on August 21, 2023, due to its spin-off from Reliance Industries. Initially scheduled for delisting on August 23, the plan was delayed due to trading restrictions. On August 31, JFS closed at an upper circuit of 5%, reaching INR 242.50 per share. This move may lead to passive selling of about 60 million shares (approximately $180 million). JFS won't be removed from Nifty indices until it avoids price limits for two consecutive days, and Nifty will release a statement confirming exclusion only after this condition is met.

30 August 

Jio Financial Services shares hit upper circuit limit for third straight trading session

Shares of Jio Financial Services Ltd (JFSL), the demerged financial services unit of Reliance Industries, continued their impressive run by hitting the upper circuit limit for the third consecutive trading session. This surge followed the announcement made during the Annual General Meeting (AGM) by Reliance Industries Chairman Mukesh Ambani, where he revealed the company's intention to enter the insurance sector, offering a range of insurance products including life, general, and health insurance through Jio Financial Services. As a result, JFSL shares witnessed a significant increase, closing at Rs 232.70 apiece, reflecting investor enthusiasm and confidence in the company's strategic expansion into the insurance market.

29 August 2023

Jio Financial Services shares jump over 2% on likely block deal

Jio Financial Services (JFS) witnessed a more than 2% increase in its stock price, reaching a high of Rs 216 on the NSE, attributed to a potential block deal involving 0.8% of the company's equity. This price surge was notable alongside robust trading volumes, with approximately 4.21 crore shares involved in the transaction. The stock initially opened lower but later reversed its direction after hitting a low of Rs 207 for the day, indicating some significant market activity and investor interest in the company's shares.

28 August 2023

Jio Financial Services to enter insurance sector, to offer life health , general cover; may partner global firms 

Reliance Industries' chairman, Mukesh Ambani, announced at the annual general meeting that Jio Financial Services is set to venture into the insurance sector, planning to provide life, general, and health insurance products with a focus on simplicity and digital accessibility. Ambani also indicated the possibility of collaborating with global players to enhance their offerings. This move signals Jio Financial Services' strategic expansion into the insurance market, aligning with the broader objectives of Reliance Industries to diversify its financial services portfolio.

28 August 2023 

Jio Financial loses Rs 26,000 crore in market cap post listing

Jio Financial Services (JFS) continued its downward trend, falling by 1.7% on Friday, marking the fifth consecutive session of losses since its listing on August 21. The stock closed at Rs 212.25 on Friday, which is nearly 20% below its initial listing price of Rs 265. JFS had been locked in a downward trading limit for four consecutive days until Thursday, indicating a challenging start for the company in the stock market.

28 August 2023

Jio Financial Services capitalised with net worth of Rs 1.2 lakh crore

Mukesh Ambani, the chairman of Reliance Industries Ltd, announced at the company's annual general meeting that Jio Financial Services (JFS) has been capitalized with a substantial net worth of Rs 1.2 lakh crore, making it one of the world's highest capitalized financial services platforms at its inception. Ambani emphasized that JFS aims to consolidate its payments infrastructure to provide a comprehensive solution for consumers and merchants, thereby promoting digital payment adoption throughout India, highlighting the company's commitment to advancing financial services and digital payments in the country.

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