Jio Financial Services Gains as it Secures Spot in Nifty Next 50 Index

29 Feb 2024 , 12:17 PM

Jio Financial Services (JFS) shares rise by 3% on February 29 after being included in the Nifty Next 50 index during the NSE’s semi-annual review of broad market indices.

The NSE announces the change, and the stock is set to enter the index on March 28, 2024. At the time of writing, the stock is trading at ₹315.05 on the NSE, marking a 2.16% increase from the previous close. Other additions to the Nifty Next 50 include Adani Power, Indian Railway Finance Corporation, Power Finance Corporation, and REC.

Exits from Nifty Next 50 include Adani Wilmar, Muthoot Finance, PI Industries, Procter and Gamble Health, and Hygiene Care, as stated in the NSE press release.

On February 23, Jio Financial Services achieves a market capitalization exceeding ₹2 lakh Crore for the first time, driven by a 35% surge in share price this year.

In January 2024, Jio Financial Services and Blackrock Financial Management filed documents with the Securities and Exchange Board of India (SEBI) to launch a mutual fund business in India.

In its December quarter earnings report, Jio Financial reveals a net profit of ₹293 Crore and a net interest income of ₹269 Crore, with total interest income at ₹414 Crore and total revenue at ₹413 Crore.

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