JFSL shares surge for 2nd straight session amid promoter purchases
Reliance Industries-owned Jio Financial Services Limited (JFSL) shares surged for the second consecutive session on Wednesday. Its prices are locked at a 5% upper circuit of Rs. 232.70 on the BSE and Rs. 231.25 on the NSE. This increase has been attributed to promoting entity Jamnagar Utilities and Power Private Limited (JUPL) reportedly purchasing approximately five crore JFSL stocks at around Rs. 210 apiece.
Motilal Oswal also acquired 0.6% stake in JFSL
Motilal Oswal Mutual Fund also recently bought a 0.6% stake or 3.72 crore shares, in JFSL through an open market transaction. The stocks were bought at Rs. 202.8 each, totaling a purchase value of Rs. 754 crore. To note, JFSL shares are scheduled to be removed from stock exchange indices, such as Sensex and Nifty, on August 31.
Passive funds sell JFS shares pre-index removal
Passive funds have been letting go of JFSL shares as they must exit the stock and fix their index portfolios before its removal from the indices. During Reliance Industries's Annual General Meeting (AGM), chairperson Mukesh Ambani said that JFSL would enter the insurance category, offering life, general, and health insurance products. This will be done via a "seamless digital interface, potentially partnering with global players," he claimed.
A look at JFSL's figures
JFSL opened at Rs. 211.65 per stock on Tuesday and closed at Rs. 221.65. Today, its shares touched a high of Rs. 232.70, after hitting the 5% upper circuit. The firm's current market capitalization stands at nearly Rs. 1.4 lakh crore. Per Zerodha, JFSL's 52-week high is valued at Rs. 262.05, while the 52-week low stands at Rs. 202.80. The BSE volume of its shares is 30,807,296.
