Jio Financial Services Hits ₹2 Lakh Crore Market Cap on 35% Surge; RIL Soars to Record High

23 Feb 2024 , 02:46 PM

Jio Financial Services Ltd’s market capitalization crossed the ₹2 Lakh Crore mark for the first time, fueled by a 35% surge in its share price this year. Its parent company, Reliance Industries, also achieved a record high on February 23.

At the time of writing, Jio Financial Services shares climbed 12.17% to reach a record ₹339.70. The stock has experienced a five-session winning streak, registering a nearly 17% increase during this period, resulting in a market capitalization of ₹2.08 Lakh Crore.

Reliance Industries (RIL)  stock is trading at ₹2,989.30 on BSE, marking a 0.87% rise from its previous close.

Currently, 39 companies are trading with a market capitalization exceeding ₹2 Lakh Crore on local stock exchanges. Reliance Industries leads with a market cap of ₹20.05 Lakh Crore, followed by Tata Consultancy Services and HDFC Bank with ₹14.78 Lakh Crore and ₹10.78 Lakh Crore, respectively.

In its December quarter earnings report, Jio Financial disclosed a net profit of ₹293 Crore and a net interest income of ₹269 Crore. The company’s total interest income was recorded at ₹414 Crore, with total revenue amounting to ₹413 Crore.

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