कंपनी का स्टॉक 18% गिरा | Jio Financial Services | लेकिन गिरावट में अब क्या करे ?
Jio Financial Services shares down 18% from record high levels; should you accumulate?
Jio Financial share price: The stock has corrected 17.55 per cent from its record high value of Rs 394.70, a level seen on April 23, 2024. Turnover on the counter stood at Rs 29.37 crore, commanding a market capitalisation (m-cap) of Rs 2,06,762.99 crore.
Jio Financial Services Ltd shares were last seen trading 1.06 per cent lower at Rs 325.45 on Thursday. At this price, the stock has corrected 17.55 per cent from its record-high value of Rs 394.70, a level seen on April 23, 2024. Turnover on the counter stood at Rs 29.37 crore, commanding a market capitalisation (m-cap) of Rs 2,06,762.99 crore.
Last month, the company's subsidiary (Jio Payment Solutions Ltd) received approval from the Reserve Bank to function as an online payment aggregator. Also, Jio Financial and BlackRock agreed to form a joint venture to enter India's asset management industry. This marked the third JV between the US-based asset management firm and the Indian financial services company.
Earlier in April this year, Jio Financial had signed an agreement with BlackRock to form a 50:50 joint venture (JV) for setting up a wealth management and broking business in India. Before this, the duo had launched an asset management venture in 2023.
The non-banking financial company (NBFC) reported a 3.13 per cent year-on-year (YoY) rise in its second-quarter net profit for the ongoing financial year 2024-25 (Q2 FY25). During the quarter under review, profit came at Rs 689 crore as against Rs 668 crore in the year-ago period.
In terms of revenue from operations, the shadow lender saw a YoY uptick of 14.06 per cent, at Rs 693.50 crore, in Q2 FY25 from Rs 608.04 crore in the corresponding period last fiscal.
A technical analyst suggested accumulating Jio Financial at the current market price. With that being said, support could be seen at Rs 317, followed by Rs 300 level. And, upside is capped at Rs 355 in the near term.
"Jio Financial is hovering around Rs 325 levels. One can accumulate the stock at current levels for an upside target of Rs 355, keeping a stop loss placed at Rs 300," Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, told Business Today.
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