Jio Financial Shares Rise Over 4% On Nifty Next 50 Inclusion
The Nifty Next 50 will include Adani Power Ltd. and Indian Railway Finance Corp., among other stocks from March 28.
Jio Financial Services Ltd. shares rose over 4% on Thursday after the National Stock Exchange said it will be included in the Nifty Next 50 from March 28.
The index will, from March 28, include Adani Power Ltd., Indian Railway Finance Corp., Jio Financial Service Ltd., Power Finance Corp. and REC Ltd.
The index will exclude Adani Wilmar Ltd., Muthoot Finance Ltd., PI Industries Ltd., Procter & Gamble Hygiene & Health Care Ltd. and Shriram Finance Ltd.
Shares of Jio Financial Services rose as much as 4.44%, the highest level since Feb. 28, before paring gains to trade 3.32% higher at 10:04 a.m. This compares to a 0.26% advance in the NSE Nifty 50.
The stock has risen 27.88% in six months. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 66.38.
The one analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month analysts' price target implies a downside of 8.9%.