Jio Financial Services's market cap crosses Rs. 2 lakh crore
Jio Financial Services Ltd. has reached a market capitalization of over Rs. 2 lakh crore for the first time, thanks to a 35% increase in its share price this year. Its parent company, Reliance Industries, also achieved a record high of Rs. 2,994 in today's session. At 2:40 pm, Jio Financial Services's shares climbed over 12% to an all-time high of Rs. 340, marking the fifth consecutive session of gains and a market cap of Rs. 2.08 lakh crore.
Jio Financial's Q3 earnings and business strategy
In December quarter, Jio Financial reported a net profit of Rs. 293 crore and a net interest income of Rs. 269 crore. The company's total interest income was Rs. 414 crore, and its total revenue was Rs. 413 crore. Jio Financial is now focusing on secured lending and taking a cautious approach to unsecured products in the current market and regulatory environment. To expand its secured lending business, the company plans to introduce two new products: Device-as-a-service and supply-chain financing.
About the new products and mutual fund business plans
Device-as-a-service, provided through Jio Information Aggregator Services Ltd, offers operating and financing leases for devices such as Airfiber, phones, and laptops. Supply-chain financing is a short-term self-liquidating loan product designed to meet suppliers' working capital needs and is set to launch in the next few quarters. In January, Jio Financial Services and Blackrock Financial Management submitted documents to the Securities and Exchange Board of India to start a mutual fund business in India.
