How Reliance Jio intends to reduce ownership costs with “cloud laptops”
At present, purchasing a laptop currently costs close to ₹50,000. On the other hand, the Reliance Jio PC (personal computer) would cost around ₹15,000
In a significant achievement, Jio Financial Services recorded the market capitalisation of over Rs 2 lakh crore for the first time on Friday. This was driven by a 35 per cent surge in its share price this year.
The stocks gained for the fifth straight session, and at 10.30 am, shares of Jio Financial Services rose 8 per cent to a record Rs 326.
Today, the shares rose nearly 17 per cent during the period with a mcap of Rs 2.08 lakh crore.
Advertisement
Jio Financial Services are among the 39 firms trading above Rs 2 lakh crore market capitalisation on local stock exchanges.
Reliance Industries leads with a market cap of Rs 20.05 lakh crore. RIL is followed by Tata Consultancy Services and HDFC Bank with Rs 14.78 lakh crore and Rs 10.78 lakh crore, respectively.
The shares of JFS’s parent company, Reliance India Limited also hit a record high at Rs 2,989 intraday. The stock was trading at Rs 2,978 on BSE, up 0.5 per cent from its previous close.
Jio Financial Services has recently partnered with the world’s largest asset manager BlackRock to set up an asset management company with a combined investment of USD 300 million.
In December quarter earnings, Jio Financial Services reported a net profit of Rs 293 crore, a net interest income of Rs 269 crore, total interest income of Rs 414 crore and total revenue at Rs 413 crore.
Advertisement
