Breaking Down Jio Financial Share Price Surge: How It Reached ₹331.60 in One Day
Jio Financial Services (JIOFIN) share price surged to a high of ₹331.60 on August 30, 2024, showcasing the company’s strong fundamentals and investor confidence. The stock opened at ₹327.65 and touched a low of ₹322.25 during the trading session, with a market capitalization of ₹2.05 lakh crore.
Main Points
Technical Analysis and Important Levels
According to technical analysts, Jio Financial Services stock has strong support at ₹320 and resistance at ₹340. The 52-week high of the stock is ₹394.70, while the 52-week low stands at ₹204.25. The stock’s P/E ratio is currently at 129.48, indicating that it is trading at a premium compared to its peers.
Fundamental Analysis and Growth Prospects
Jio Financial Services, a subsidiary of Reliance Industries, has been making significant strides in the financial services sector. The company’s consolidated profit after tax (PAT) for the nine months ended December 2023 stood at ₹1,294 crore, while the standalone PAT was ₹305 crore. Experts believe that Jio Financial Services’ focus on secured lending, particularly in products like leasing, will drive its growth in the coming years. The company has also completed the sandbox for personal loans and consumer durable loans, indicating that its technology stack and infrastructure are ready for these services.
Reliance Share Price Prediction: What to Expect on August 30, 2024?
Buyback News and Dividend Yield
Jio Financial Services has not announced any buyback of shares or dividend payout as of now. However, investors are hopeful that the company will consider these measures in the future, given its strong financial performance and growth prospects.
Next Day Price Forecast and Target Prediction
Most analysts have a positive outlook on Jio Financial Services stock and believe that it has the potential to reach ₹350-400 in the next 12-18 months. However, it is essential to note that stock prices can be volatile and are subject to market conditions and company-specific factors.
