Mukesh Ambani's Jio Financial Services enters 2-trillion market cap club
Mumbai: Jio Financial Services, led by Mukesh Ambani, has joined the Rs 2-trillion market cap club, with its shares rising by 10.2% to reach Rs 334 on Friday, media reported.
This surge values the unit, which was spun off from Reliance Industries (RIL) last year, at Rs 2.12 trillion, reported Business Standard.
Throughout this month, Jio Fin's shares have seen a 34.5% increase.
These gains come amid issues faced by Paytm, a major player in digital payments, following regulatory actions by the Reserve Bank of India (RBI) against its payments bank unit.
One 97 Communications, the parent company of Paytm, has witnessed a significant decline of 46% in its shares this month.
The company is diversifying its operations by entering various sectors such as secured and unsecured lending, digital equipment leasing, supply chain financing, and enhancing its presence in insurance broking.
Jio Fin is also in the process of setting up an asset management company in association with Blackrock and has applied for registration with SEBI.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Donald Trump gives Hamas 3-4 days to respond to Gaza peace plan
Farah Khan breaks silence on 'unfollowing' Deepika Padukone and '8-hr shift' remark
'It feels good when country's leader bats on front foot': Suryakumar Yadav on PM Modi's 'Operation Sindoor on games field' post
US asked India not to start war against Pakistan after 26/11: Chidambaram's admission embarrasses Congress; BJP reacts
