Shares of Jio Financial Services Ltd witnessed a significant surge on Monday, closing with a 7.12 per cent increase at Rs 344.65. The stock reached an intraday high of Rs 349.20, marking an 8.53 per cent rise during the day's late trading sessions. Over the past year, the stock has climbed an impressive 35.98 per cent.
The trading volume on the BSE was notably high, with approximately 66.09 lakh shares changing hands, surpassing the two-week average of 19.40 lakh shares. The day's turnover stood at Rs 222.14 crore, bringing the company’s market capitalisation (Mcap) to Rs 2,18,965.94 crore.
On a broader market note, the BSE Sensex gained 194 points, closing at 82,560 after reaching an all-time high of 82,725 during the session. Meanwhile, the NSE Nifty50 rose by 43 points to end at 25,279.
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In corporate developments, Jio Financial Services Ltd announced that it is in the advanced stages of launching home loans, currently rolled out in Beta mode. Other products in the pipeline include loans against property and loans on securities. This announcement was made by the company's Managing Director and CEO, Hitesh Sethia, during Jio Financial Services’ first annual general meeting post-listing, held on Friday.
Sethia highlighted that Jio Finance has already introduced secured lending products such as supply chain financing, loans on mutual funds, and enterprise solutions for device financing. He also mentioned the company's joint venture with BlackRock, the world’s largest asset manager, which aims to bring world-class investment products to the Indian market.
The partnership, initially announced for an asset management company in July 2023, was expanded to include wealth management and broking services in April 2024.
Sethia confirmed that key leadership for these initiatives has been identified, and the development of the necessary tech infrastructure and go-to-market strategy is progressing well.