Jio Financial Services share : Jio Financial Services share price jumps over 16% on report of eying Paytm wallet business

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Jio Financial Services share
Jio Financial Services share

Jio Financial Services share

Jio Financial Services share : Jio Financial Services (JFS) share price spiked over 15% to a record high on Monday amid a media report suggesting that the company was among the forerunners to acquire Paytm’s wallet business. Jio Finance shares jumped as much as 16.25% to a new high of ₹295.00 apiece on the BSE. Meanwhile, Paytm shares remained locked at 10% lower circuit at its record low level.

Jio Financial Services share

According to a report published by Hindu BusinessLine, Paytm One’s parent company 97 Communications http://Jio Financial Services share : Jio Financial Services share price jumps over 16% on report of eying Paytm wallet business is in exploratory talks with several investors to sell its wallet business. This report, citing experts, said that Jio Financial Services and HDFC Bank are among the frontrunners to buy the Paytm wallet.

Shares of Paytm fell after the Reserve Bank (RBI) barred Paytm Payments Bank (PPBL) from carrying out certain transactions based on a systems audit report and a compliance review report by external auditors.

Jio Financial Services is a subsidiary of billionaire Mukesh Ambani’s Reliance Industries. The non-banking financial company (NBFC) operates financial services businesses through its consumer subsidiaries Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), Jio Payment Solutions Limited (JPSL) and joint ventures. , namely Jio Payments Bank Limited (JPBL).

Jio Financial Services share : The company partnered with the world’s largest http://Jio Financial Services share asset manager, BlackRock, to create a $300 million asset management company. According to Jio Financial Services, the Jio BlackRock joint venture “provides technological access to affordable, innovative investment solutions to millions of investors in India.”

JFS reported a consolidated net profit of ₹293.82 crore for the quarter ended December, a fall of 56% from ₹668.18 crore in the previous quarter (Q2FY24). The company’s consolidated revenue from operations in Q3FY24 slumped 32% on sequential basis to ₹413.61 crore from ₹608.04 crore.

JFS was demerged from Reliance Industries in 2023 and listed on the stock exchange on August 21 the same year.

At 1:50 pm, Jio Financial Services shares were trading 15.78% higher at ₹293.80 apiece on the BSE.

Also Read : https://indiabreaking.com/buy-or-sell-stocks/

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