JFS shares climbed 14.50 per cent to hit a record high of Rs 347 on BSE. The stock later traded at Rs 330.70, up 9.12 per cent. At this price, JFS was valued at Rs 2,10,325.47 crore against its previous day's market value of Rs 1,92,536.28 crore.
Jio Financial Services will announce its December quarter result later in the day. This will be the NBFC s second quarterly results announcement after it listed in August 2023
For the July-September period, Jio Financial Services had reported a net profit of Rs 668 crore, a jump of 101 percent sequentially. Total revenue from operations increased 47 percent to Rs 608.04 crore on a quarter-on-quarter basis
"With the partnership with Blackrock for the AMC business, we expect the AUM in FY24E post-license approval and product launch to be around Rs 23.3 billion given the industry opportunities, brand equity, attraction towards the capital market, and the right choice of product basket," KRChoksey Research said.
KR Choksey is bullish on Jio Financial Services has recommended buy rating on the stock with a target price of Rs 290 in its research report dated January 03, 2024.