Jio Financial Services Share Price: Mukesh Ambani’s new business is fantastic and profitable.
Jio Financial Services Share Price: io Financial Services, have increased this year as a result of its separation from Reliance Industries. On August 21, 2023, its shares were listed on the stock market. At Rs 265, it was listed on the BSE.
Mukesh Ambani’s new Reliance Group subsidiary, Jio Financial Services, has achieved great success since it was listed on the stock market. Ambani is the richest man in Asia. The company has released the results for the second quarter of this fiscal year, stating that both the company’s income and profit climbed significantly during this time, with the profit rising by 101 percent to Rs 668 crore.
Jio Financial Services Share Price
Double profit compared to last year.
When releasing its second quarter results, Jio Financial Services, a subsidiary of Reliance Industries, stated that the company’s profit had increased by a factor of two over the previous year. The business’s consolidated profit after tax in the second quarter of the previous fiscal year, before being split off from Reliance Industries and establishing a new company, was Rs 371 crore, which has increased to Rs668 crore. If we analyze it in this way, the company has grown by 101 percent.
More than 46 percent increase in income
The company’s revenue for the most recent quarter, which was Rs 414 crore in the corresponding quarter previous year, was reported as Rs 608 crore in the quarterly results. This has experienced a growth of 46.82 percent. The company’s interest income (Jio Fin Interest Income), on the other hand, fell by 7.86% to Rs 186 crore. Pre-provisioning operating profit rose from Rs 360 crore quarter-over-quarter to Rs 537 crore, a 48.93% rise.
The company was listed in the market in August
It is interesting that the company’s overall market cap, which was Rs. 1.43 lakh crore as of the July-September quarter, has now climbed to Rs. 1.45 lakh crore. By breaking away from Reliance Industries this year, Mukesh Amabani’s firm was formed, and on August 21 of 2023, its shares were launched on the stock market. On the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), Jio Financial Ltd. Share was listed for Rs. 265 and Rs. 262, respectively.
Strong rise in shares after the results
After the excellent results of Jio Financial Services, its shares are also seeing a rise. On Tuesday, the second trading day of the week, Sensex-Nifty opened on the green mark with gains, while Jio Finance shares were also seen running at a fast pace. Till the time of writing the news, at 10 am the company’s stock was trading at the level of Rs 227.20 with a gain of 1.07 percent. On the previous trading day, on Monday, it had also closed with a rise.
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Gulshan Gupta