Shares of Jio Financial Services (JFS) gained over 2% to reach a high of Rs 216 today due to a likely block deal. The stock initially opened in the red but quickly turned around. JFS shares were also the top Nifty gainers. Since being added to key indices on July 20, the stock has fallen in six out of seven trading sessions. The market cap of the company has also decreased by nearly Rs 25,000 crore.
Key points:
– JFS shares gained over 2% due to a likely block deal.
– The stock has fallen in six out of seven trading sessions since July 20.
– The market cap of the company has decreased by nearly Rs 25,000 crore.
– The stock had a 5% upper circuit during the AGM but fell due to lack of triggers.
– JFSL plans to enter the insurance segment and offer various products through a digital interface.
Hot Take:
Jio Financial Services (JFS) saw a boost in its shares due to a likely block deal. However, the stock has been on a losing streak since being added to key indices. The Chairman and Managing Director, Mukesh Ambani, announced that JFS will enter the insurance segment and offer digital products. While this news may be exciting, it remains to be seen how JFS will compete in the highly competitive and regulated market.
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