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Mukesh Ambani's Jio Financial Services enters 2-trillion market cap club

Mukesh Ambani's Jio Financial Services enters 2-trillion market cap club

India Blooms news Service | @indiablooms | 23 Feb 2024, 10:34 pm

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.

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