Jio Financial Services shares experienced a noticeable spike on Tuesday following its subsidiary receiving approval by the Reserve Bank to operate as an online payment aggregater. Stock was last trading at Rs 324.65, an increase of 2.49 percent.
Jio Financial disclosed in its exchange filing that Jio Payment Solutions Ltd (JPSL), its wholly-owned subsidiary received by them at 6 pm by 6 pm had informed them that the Reserve Bank of India granted JPSL authorization under Section 7 of Payment and Settlement Systems Act 2007 with effect from October 28, 2024.
Separately today, Jio Financial and BlackRock entered into an agreement to form a joint venture in India's asset-management industry. According to a statement issued today by both firms, two entities called "Jio BlackRock Asset Management Pvt Ltd" and "Jio BlackRock Trustee Pvt Ltd" were formed on October 28, 2024 in order to operate mutual funds operations subject to approvals by regulatory bodies.
This joint venture marks the third between an asset management firm from the US and an Indian financial services provider. Jio Financial signed an agreement in April to form a 50/50 joint venture with BlackRock for wealth management services and brokerage in India; later that same year they also launched an asset management venture together.
Jio Financial announced that customers can now buy SmartGold via the JioFinance App, continuing an age-old tradition associated with Dhanteras festival that brings wealth, prosperity, luck, and positive energy. Customers can invest their digital gold through JioFinance by investing in digital SmartGold investments.
SmartGold offers customers a digital, secure, and hassle-free process for purchasing gold, and redeeming it in the form of coins or jewellery. Customers can invest their digital gold starting from Rs 10 anywhere at any time from anywhere and at any time using rupees or grams; customers can even order coins directly through SmartGold to have it delivered right to their doors! According to an official statement.
The second quarter earnings for 2024-25 financial year 2025-25 (Q2 FY25), have seen an increase of 3.13 percent compared to Q1 FY25 (YoY). Profit was higher, standing at Rs 689 crore as opposed to 668 crore during Q1 FY24-25.
Jio Financial's revenues increased 14.06 percent year-on-year to reach Rs 693.50 Crore in Q2 FY25 from Rs 608.04 Crore during Q2 FY24. As of September, its total net worth stood at Rs 1,37144 Crore.
As of September 2024, Jio Financial's promoter stake was 47.12 percent and it traded with an earnings per share (EPS) value of 0.83; its return on equity (RoE) ratio stood at 2.12, giving Jio a P/E ratio of 8.11 at 383.44 stock price. Its share price stood at 383.444 with an 8.11 P/E ratio; earnings per share value stood at 0.83 while RoE stood at 2.12 according to market capitalisation calculations.
0 comments:
Post a Comment