Shares of Jio Financial Services maintained their winning run for the fifth straight session on September 4, going past its listing price on both the BSE and NSE.
After climbing around 9 percent to an intra-day high of Rs 267, shares of the financial services firm were trading at Rs 252.75 at 2.50 pm on the BSE. On the NSE, the shares were trading at Rs 253.10 after hitting a high of Rs 266.80. Over 95 million shares changed hands on the NSE, compared to last week's average volumes of 73 million.
Jio Financial Services (JFS) was listed on August 21 at Rs 265 on the BSE and Rs 262 per share on the NSE, as compared to its discovered price of Rs 261.85 apiece.
Earlier, the BSE revised the price band for Jio Financial Services to 20 percent from 5 percent with effect from September 4.
JFS was excluded from the Sensex and other BSE indices from September 1.
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Initially scheduled for removal by August 23, the stock's exclusion plan was delayed by exchanges as it continued to be locked in the lower circuit.
JFS is likely to be excluded from NSE indices this week, as per analysts.
Jio Financial Services, the demerged arm of Reliance Industries (RIL), will enter the insurance segment to offer life, general, and health insurance products, potentially partnering with global players, RIL Chairman Mukesh Ambani announced at the company’s annual general meeting.
JFS will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way, he added.
Also Read: How Jio Financial Services stacks up against rivals
While life insurance penetration in India is in line with the world average, non-life insurance penetration is significantly behind the world average. This presents a great opportunity for JFS, believe analysts.
JFS has already announced its foray into the asset management industry in partnership with Blackrock. Together, the partnership will introduce a new player to the Indian market targeting an initial investment of $300 million.
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