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  5. Jio Financial Services surges 7% as firm to launch home loan product soon

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Jio Financial Services surges 7% as firm to launch home loan product soon

Upstox
By Upstox News Desk

2 min read | Updated on September 02, 2024, 18:07 IST

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SUMMARY

Apart from home loans, the company is going to roll out other products like loans against property and loans on securities.

Stock list

JIOFIN
--
The stock ended at ₹344.65, up 7.12% on the BSE.

The stock ended at ₹344.65, up 7.12% on the BSE.

Shares of Jio Financial Services, the financial services arm of oil-to-telecom conglomerate Reliance Industries (RIL), jumped 7% on Monday, September 2, after the company said on Friday it was in the advanced stages of launching home loans, which have been rolled out in Beta mode. 

The stock ended at ₹344.65, up 7.12% on the BSE. 

Apart from home loans, the company is going to roll out other products like loans against property and loans on securities.

While addressing shareholders at the first annual general meeting (post listing) on Friday, the company's MD and CEO, Hitesh Sethia, said, "We are also in advanced stages of launching home loans, which have been rolled out in beta mode, and other products such as loans against property and loans on securities are in the pipeline."

The company has already launched secured lending products in the market, such as supply chain financing, loans on mutual funds, and enterprise solutions for device financing, Sethia added.

The CEO further said that the joint venture with BlackRock, the world’s largest asset manager, will allow Jio Financial Services to bring world-class investment products to the people.

"While the initial JV was announced for an asset management company in July 2023, it was extended to wealth management and broking services in April 2024," Sethia said.

Jio Financial Services was carved out of Reliance Industries (RIL) last year. The company is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator, and payment gateway services.

Jio Financial Services Q1 FY25

The company reported a 6% decline in consolidated net profit to ₹313 crore in the first quarter ended June 2024. The company had earned a net profit of ₹332 crore in the same quarter a year ago.

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The company's total income rose marginally to ₹418 crore as against ₹414 crore in the June quarter of the previous year.

Total expenses increased to ₹79 crore from ₹54 crore in the same quarter of last year.

The company's one of the subsidiaries, Jio Insurance Broking Limited, is tied up with 31 insurance companies, it said.

Jio Financial Services stock performance

On a year-to-date (YTD) basis, shares of the company have gained 48%. 

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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