Jio Financial Services Ltd shares witness an upsurge for the fifth consecutive session on Friday. The stock rose 14.50 percent to a record high of Rs 347. At this pricing, it is up roughly 48% year to date (YTD).
The stock traded heavily today, with 98.57 lakh shares changing hands on the BSE. The amount exceeded the two-week average volume of 25.48 lakh shares.
Furthermore, with a market capitalisation (m-cap) of Rs 2,13,216.22 crore, the turnover on the counter was Rs 321.74 crore.
Reliance Industries Ltd (RIL)'s financial services unit had clearly clarified that it is not in talks to acquire the Paytm wallet earlier this month.
"With reference to the captioned subject ("Mukesh Ambani to acquire Paytm wallet? Jio Financial shares rise following report"), we clarify that the news item is speculative and that we have not engaged in any negotiations on this matter," it declared in an exchange filing.
On the technical front, one expert stated that the stock appeared robust on the daily charts. "Jio Financial Services' shares could reach Rs 350 in the near term. Keep the stop loss at Rs 310," DRS Finvest founder Ravi Singh suggested.
As of December 2023, promoters owned 47.12 percent of the corporation.
