Jio Financial Services hits ₹2 lakh crore market cap, a 1st: What’s happening

Jio Financial Services share: In a first, Jio Financial Services Ltd’s market capitalisation exceeded ₹2 lakh crore driven by a 35 per cent surge in its share price this year while Reliance Industries hit a record high today (February 23). Shares of Jio Financial Services rose 8 percent to a record ₹326 as the stock gained in the fifth straight session. During this period, the stock has increased nearly 17 per cent with mcap of ₹2.08 lakh crore.

As of now, 39 firms are trading above ₹2 lakh crore market capitalisation on local stock exchanges. Reliance Industries is leading the list with a market cap of ₹20.05 lakh crore, followed by Tata Consultancy Services ₹14.78 lakh crore and HDFC Bank ₹10.78 lakh crore.

In December quarter earning, Jio Financial Services reported a net profit of ₹293 crore, a net interest income of ₹269 crore, total interest income of ₹414 crore and total revenue at ₹413 crore.

Earlier this year, Jio Financial Services and Blackrock Financial Management filed documents with Sebi to launch a mutual fund business in India. Since Jio Financial Services’ listing on the stock exchange on August 21, 2023, the stock has gained more than 21 per cent.