Jio Financial Shares Fall Today Despite Reporting 101% Jump In Net Profit

Shares of leading NBFC sector stock Jio Financial Services Ltd witnessed a fall of 0.80% in morning trade today to 220.00 per share. Earlier on October 16, the company announced surge of 101% QoQ in its net profit to Rs 668 crore for July-September quarter, its first quarterly statement after it got listed on the bourses on August 21, 2023.

Jio Financial Services declared its total income for the quarter under consideration at Rs 608 crore. Its interest income declined to Rs 186 crore from Rs 202 crore in the April-June quarter.

Meanwhile, Jio Financial Services informed that it appointed AR Ganesh as Group CTO.

According to the exchange filing of the company, "A R Ganesh has been associated with ICICI Bank for the last 13 years. In his last role, he was the Chief Information Security Officer (CISO) having overall oversight on cybersecurity. Prior to being designated as CISO, he was heading Treasury and Corporate Centre Technology. His exposure in domain is spread across Cybersecurity, Enterprise IT, Service Delivery and Banking Software product management."

Jio Financial Services has a market capitalisation of Rs 1,39,772.25 crore at the time of writing the story. The stock's 52-week high price is Rs 278.20 per share and 52-week low price is Rs 205.15 per share, respectively.

Jio Financial Services shares witnessed a decline of 2.55% in last 1-week, fell 2.31% in last 2-weeks, and slipped by 5.75% in last 1-month when Sensex fell 1.90%.

Earlier, JFS tied up with US asset manager BlackRock to launch asset management services in India.

JFS aims to establish itself as a full-service financial services firm in India, where the penetration of financial investment products is low compared to the size of the economy. The company has already launched personal loans and consumer durable loans, and it now plans to introduce business and merchant loans, according to Reuters.

Jio Financial Services Ltd. was originally incorporated as Reliance Strategic Investments Private Limited on July 22, 1999, under the Companies Act 1956. Subsequently, the name of the Company was changed to Reliance Strategic Investments Limited and a fresh certificate of incorporation was issued on January 14, 2002. The name of the Company was further changed to 'Jio Financial Services Limited' and a fresh certificate of incorporation was issued on July 25, 2023, as per its official website.