Jio Financial Services gains after block deal; 49 million shares change hands

The block comes a day after Reliance Industries’ chairman Mukesh Ambani announced in the annual general meeting that Jio Financial Services will enter the insurance segment to offer life, general, and health insurance products

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Jio Financial Services shares gained over 2 percent on August 29, after 49.66 million shares or 0.8 percent stake changed hands in two bunches.

At 12 pm, Jio Financial Services‘ stock was quoting at Rs 216.10 on the NSE, higher by 2.34 percent from previous close. Trading volumes at the time were over 60 million shares.

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The block comes a day after Reliance Industries‘ chairman Mukesh Ambani announced in the annual general meeting that Jio Financial Services will enter the insurance segment to offer life, general, and health insurance products, potentially partnering with global players.

JFS will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way, he added.

While life insurance penetration in India is in line with world average, non-life insurance penetration is significantly behind the world average. This presents a great opportunity for JFS, believe analysts.

Also Read: A question of values: How Jio Financial Services stacks up against rivals

Meanwhile, JFS has already announced its foray into the asset management industry in partnership with Blackrock. Together, the partnership will introduce a new player to the India market targeting an initial investment of $300 million.

JFS continues to be a part of Nifty 50 and Sensex as the 51st and 31st stock, respectively. Its exclusion from the indices was postponed as it consistently hit circuit limit after listing, with passive funds selling the stock pre-empting its exit.

The removal of Jio Financial Services from the indices will now be effective from September 1.