Shares of Mukesh Ambani's Jio Financial Services on Friday rallied up to 14.5% to a fresh peak of Rs 347 on BSE to cross the Rs 2 lakh crore market capitalisation mark for the first time. The stock has shot up 22% in the last one week and 50% in the last three months.

Jio Financial was in the news two weeks ago amid speculations that the Ambanis have been in talks to buy the Paytm wallet business since November. Citing sources, a media report had said as part of a larger bailout plan, Jio ..

At 10.30 am, shares of Jio Financial Services rose 8 percent to a record Rs 326. The stock gained for the fifth straight session, rising nearly 17 percent during the the period with mcap of Rs 2.08 lakh crore.

RIL hit a record high of Rs 2,989 intraday. The stock was trading at Rs 2,978 on BSE, up 0.5 percent from its previous close.

Currently, 39 firms are trading above Rs 2 lakh crore market capitalisation on local stock exchanges. Reliance Industries leads with a market cap of Rs 20.05 lakh crore, followed by Tata Consultancy Services and HDFC Bank with Rs 14.78 lakh crore and Rs 10.78 lakh crore, respectively.




Paytm wallet acquisition would have given Jio Financial, which demerged from incubator Reliance Industries (RIL) last year, a head start in the segment which is dominated by large players like PhonePe and Google Pay.


The NBFC already owns Jio Payments Bank which has re-platformed to launch digital savings accounts and bill payments with a ground network of 2,400 business correspondents. It has also launched debit cards.


In the payment solutions business, Jio has carried out a pilot launch of Jio Voice box, enabled Jio phones with UPI, and is implementing QR codes across the ecosystem.


JFSL has successfully completed sandbox for consumer durable loans and personal loans. However, post RBI tightening on consumer unsecured lending the company has increased its focus on secured lending including leasing as a product.


Subsidiaries of JFSL include Jio Finance, Jio Insurance Broking, Jio Payments Bank, Jio Payments Solutions, a proposed AMC, and a leasing subsidiary.


In Q3, retail investors had sold over 1 crore shares of Reliance Industries (RIL) but bought 14.5 crore shares of Jio Financial Services.


In the meantime, RIL shares also hit a fresh record high of Rs 2,989.40 on BSE and are now within kissing distance of crossing the Rs 3,000 mark for the first time.

In Short

Jio Financial Services shares surged over 14%

Company's market capitalisation exceeds Rs 2 lakh crore

The share hit a record high to reach Rs 347