Jio Financial Share Price: Shares of Jio Financial Services surge, investors’ hopes rise after purchase from SBI
Jio Financial Share Price: Shares of Jio Financial Services Limited, owned by the country’s richest man Mukesh Ambani, are seeing a rise for the second consecutive day. On Wednesday, the stock rose by about 5 percent, due to which the shares are trading at Rs 216.87. The main reason behind this increase is the company’s announcement to buy the remaining shares of Jio Payments Bank from State Bank of India (SBI).
Jio Financial shares rise
Shares of Jio Financial Services opened at Rs 207 on Wednesday, while they traded at Rs 216.87 after rising more than 5 per cent. Earlier on Tuesday, Jio Financial Share Price also saw a jump, when they closed 2.69 per cent higher at Rs 206.35 on the BSE. Thus, the shares have been in a bullish trend for two consecutive days.
Jio Payments Bank’s entire stake to be bought from SBI
Jio Financial Services on Tuesday announced that it will buy State Bank of India’s (SBI) entire stake in Jio Payments Bank for Rs 104.54 crore. Currently, Jio Financial holds 82.17 per cent stake in Jio Payments Bank Limited (JPBL), a joint venture of SBI and Jio. After this acquisition, Jio Payments Bank will become a wholly-owned subsidiary of the company.
The company said in its filing to the exchange, “Post this acquisition, Jio Payments Bank Limited (JPBL) will become a wholly-owned subsidiary of the company.” The acquisition is subject to approval of the Reserve Bank of India and is expected to be completed within 45 days, upon receipt of regulatory approval.
Shares declined during one month and six months
However, shares of Jio Financial Services have declined 13 per cent during the last one month, while in six months this decline has reached 37 per cent. Despite this, investors have got some relief after the announcement of this recent purchase, as the shares have once again gained momentum.
Company’s quarterly results stable, but revenue increased
The company’s net profit remained stable in the third quarter of the financial year, which was Rs 295 crore, while it was Rs 294 crore in the same quarter last year. At the same time, operating revenue stood at Rs 438 crore in the quarter ended December 31, 2024, which was 6 percent more than Rs 414 crore in the same quarter last year. This shows the stable growth of the company, although some decline has also been seen in the shares.