Jio Financial Services Ltd. rose to the highest level in over one month on Tuesday after Nuvama said the stocks may be added for trading in the derivative segment. This could pave the way for the company's inclusion in the NSE Nifty 50 list by 2025.
The Securities Exchange Board of India's effort to limit volatility and price manipulation in futures derivative segments may lead to the exclusion of 18 stocks, according to Nuvama. Simultaneously, the segment may include 80 companies, including Zomato Ltd. and Jio Financial Services Ltd., the brokerage said.
Additionally, Jio Financial Services said Friday it is in the process of launching loans on property and securities. The annual general meeting presentation to the exchanges revealed the beta launch of its home loan program in 2024.
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Shares of Jio Financial Services rose as much as 2.29% to Rs 352.80, the highest level since July 15. It was trading 0.84% higher at Rs 347.80 as of 10:51 a.m., compared to 0.02% decline in the NSE Nifty 50 index.
The stock gained 37.23% in last 12 months and 49.26% on year to date basis. Total traded volume so far in the day stood at 6.4 times its 30-day average. The relative strength index was at 62.99.
One analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 0.6%
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