According to exchange circulars, Jio Financial Services (JFS), a subsidiary of billionaire Mukesh Ambani’s giant Reliance Industries, will begin trading on stock markets on Monday.
“Trading Members of the Exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities,” according to a notice issued by the BSE on Friday.
Jio Financial Services (JFS) shares surged 4.4% to Rs 322 in BSE trading on Thursday, after their inclusion in the Nifty Next 50 index. Jio Financial Services has been included to the Nifty Next 50 index as part of the National Stock Exchange’s semi-annual index revision. Index adjustments will be place on March 28.
Companies that will be featured with JFS
Jio Financial is one of five companies, including REC, PFC, IRFC, and Adani Power, that will be featured in the Nifty Next 50 index. According to the NSE’s press announcement, Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Health, and Hygiene Care will quit the Nifty Next 50.
According to a study by domestic brokerage Nuvama Institutional Equities, the addition of Jio Financial Services will result in inflows of around $89 million. According to the report, the other additions will result in inflows of around $161 million, while the exclusions would result in outflows of $142 million.
Jio Financial Services and Blackrock Financial Management submitted filings with the Securities and Exchange Board of India (SEBI) in January 23rd 2024 to establish an Indian mutual fund company.
Jio Financial’s December quarter profits showed a net profit of Rs 293 crore and net interest income of Rs 269 crore. The overall interest income was Rs 414 crore, whereas the total revenue was Rs 413 crore.
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