Shares of Jio Financial Services Ltd. rose nearly 3% on Friday after the company unveiled the beta version of its JioFinance app.
The initial version of the application will integrate digital banking, UPI transactions, bill settlements and insurance advisory, in terms of services. Key features of the application would include instant digital account opening and streamlined bank management, according to an exchange filling.
The application will offer instant digital account opening and streamlined bank management with the "Jio payments bank account" feature, the company said. Jio Financial intends to expand loan solutions in future, starting with loans on mutual funds and progressing to home loans, it said.
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Jio Financial's stock rose as much as 2.92% during the day to Rs 357.9 apiece on the NSE. It was trading 0.95% lower at Rs 344.45 per share, compared to a 0.46% advance in the benchmark Nifty at 9:53 a.m.
The share price has risen 40% in the last 12 months and 48% on a year-to-date basis. The relative strength index was at 42.
An analyst tracking the company has a 'hold' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 13%.
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