In a remarkable surge, Jio Financial Services shares experienced a significant boost, reaching an all-time high of Rs 347 on Friday. The impressive performance catapulted the company’s market capitalization on BSE to cross the historic Rs 2 lakh crore mark for the first time, drawing attention from investors and market analysts.
Impressive Growth Trajectory
BSE analytics unveil an impressive growth trajectory for Jio Financial Services, showcasing substantial returns of 38.89% in the last month, 50.88% in the last three months, and 46.93% in the last six months. This surge reflects the company’s resilience and positive market sentiment surrounding its financial standing.
Analyst Insights and Target Price
Jatin Gedia, a Technical Research Analyst at Sharekhan by BNP, highlights the stock’s strong uptrend, marked by higher tops and higher bottoms on daily charts. The positive crossover in momentum indicators reinforces a bullish trend, with projected target levels ranging between 360 to 375. Crucial support is anticipated at 305 to 300, according to Gedia’s analysis.
Mixed Q3 Results
Despite the bullish market performance, Jio Financial Services reported a 56% sequential decline in consolidated net profit for the quarter ending December 2023, amounting to Rs 294 crore. The consolidated revenue from operations witnessed a nearly 32% decline from the previous quarter, totaling Rs 413.61 crore. The company’s total expenses for the quarter increased to Rs 98.95 crore, reflecting an uptick from Rs 71.43 crore in the September quarter. The total tax outgo amounted to Rs 88 crore, compared to Rs 86.3 crore in the preceding quarter.
Looking Ahead
As Jio Financial Services continues its upward trajectory, investors are closely monitoring its performance in the coming quarters. The target price projections and market cap milestone add to the anticipation surrounding the financial arm of Mukesh Ambani’s Reliance Industries Limited.
