Jio Financial Services gains 3% on news of inclusion in Nifty Next 50
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So far this year, JFS shares have jumped 35 percent.
Shares of Jio Financial Services (JFS) gained 3 percent on February 29 following inclusion in the Nifty Next 50 index. The NSE announced the change in its semi-annual review of broad market indices. The stock will enter the index on March 28, 2024.
At 9.40am, shares of JFS were quoting Rs 319.05 on the NSE, up 3.5 percent from the previous close.
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In addition to Jio Financial Services, Adani Power, Indian Railway Finance Corporation, Power Finance Corporation and REC will make it into the Nifty Next 50.
NSE in its press release also said that Adani Wilmar, Muthoot Finance, PI Industries, Procter and Gamble Health and Hygiene Care will exit from Nifty Next 50.
According to a report by domestic brokerage Nuvama Institutional Equities, the inclusion of Jio Financial Services would lead to the inflows of around $89 million. The other inclusions will lead to inflows of around $161 million while the exclusions will lead to outflows of $142 million, it said.
On February 23, Jio Financial Services saw its market capitalisation exceed Rs 2 lakh crore for the first time, driven by a 35 percent surge in its share price this year.
In January 2024, Jio Financial Services and Blackrock Financial Management filed documents with the Securities and Exchange Board of India (Sebi) to launch a mutual fund business in India.
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In its December quarter earnings, Jio Financial reported a net profit of Rs 293 crore and a net interest income of Rs 269 crore. Its total interest income was Rs 414 crore and total revenue Rs 413 crore.
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