Jio Financial Services Hits 52-Week High, Mcap Crosses Rs 2.2 Lakh Crore

New Delhi, Feb 23 (PTI) The market valuation of Jio Financial Services hit the Rs 2.2 lakh crore mark for the first time on Friday, as the company shares touched 52-week highs on the bourses.

This is the second firm of billionaire Mukesh Ambani-led RIL Group to reach the mcap of Rs 2.2 lakh crore.

The scrip of the company surged more than 10 per cent to Rs 331.25 apiece on the BSE.

In the intra-day trade, shares of Jio Financial Services rallied 14.50 per cent to hit a 52-week high of Rs 347 apiece on the bourse.

Also, the company's market valuation jumped Rs 27,922.69 crore to Rs 2,20,458.96 crore during the intra-day trade on the BSE.

Shares of Jio Financial Services rose nearly 15 per cent to reach a record high of Rs 347 apiece on the NSE and also marked its 52-week high level.

In the mid-session trade, the 30-share BSE Sensex rose 59.02 points or 0.08 per cent to 73,217.26, while NSE Nifty gained 15.55 points to 22,233.

Earlier this month, the financial services arm of Reliance Industries Ltd (RIL) clarified that it has not been in any negotiations to acquire Paytm wallet.

On January 15, Jio Financial Services Ltd reported a 56 per cent decline in consolidated net profit at Rs 294 crore for the third quarter ended December 2023, compared to the previous quarter.

The company earned a consolidated net profit of Rs 668 crore in the second quarter of the current fiscal.

Its revenue too moderated to Rs 414 crore from Rs 608 crore in the September quarter.

For the nine months ended December, the company's net profit stood at Rs 1,294 crore.