Mukesh Ambani, Akash Ambani are waiting eagerly for December 23, the date is crucial for Jio Financial Services because….
In a major move for Mukesh Ambani and his son Akash Ambani, Jio Financial Services is set to join the BSE Sensex 50 starting December 23, 2024. This announcement was made by Asia Index Private Ltd, a subsidiary of the Bombay Stock Exchange (BSE). Jio Financial Services will replace Bharat Petroleum Corporation (BPCL) in the Sensex 50. Additionally, this reconstitution will impact other indices like the BSE 100 and BSE Sensex Next 50. RIL-led Jio Financial Services will also replace Ashok Leyland in the BSE 100, marking a significant shift in the Indian stock market.
Jio Financial Services, led by Akash Ambani, alongside Zomato, will soon join the prestigious 30-stock BSE Sensex, marking a significant achievement for both companies. This move also signifies a key milestone for Zomato, which has seen impressive growth over the past year. Additionally, Hindustan Aeronautics Ltd (HAL) will be included in the index.
However, this reconstitution comes with the exit of three major companies: HDFC Life Insurance Company, Bharat Petroleum Corporation Ltd, and LTI Mindtree. The changes will affect multiple indices, including the BSE 100, BSE Sensex 50, and BSE Sensex Next 50.
Jio Financial Services, valued at over USD 20 billion, is chaired by Akash Ambani, the eldest son of Mukesh Ambani, Asia’s wealthiest individual. As of November 23, 2024, Mukesh Ambani’s net worth has reached USD 99.3 billion, according to Forbes’ Real-Time Billionaires List. While Ambani’s wealth continues to grow, SpaceX CEO Elon Musk remains the world’s richest person, with a net worth of USD 334 billion, holding exclusive membership in the USD 300 billion club.
Jio Financial Services share price
On November 22, the stock closed at Rs 313.85 per share, down 0.25 points or 0.08 per cent against the previous close of Rs 314.10 per share.
Jio Financial Services has reported strong growth in both profit and revenue for Q2 FY25. Following its demerger and debut on D-Street in August last year, the Ambani-led non-banking financial company (NBFC) achieved a remarkable 100% increase in net profit, which rose to Rs 689 crore from Rs 312.63 crore in the April-June 2024 quarter. On a year-on-year basis, the net profit saw a modest increase compared to Rs 668.18 crore in the same quarter of the previous fiscal year. The company’s positive performance highlights its growing strength in the financial sector.
The company has reported strong growth for Q2 FY25, with a remarkable 100% increase in net profit, which surged to Rs 689 crore from Rs 312.63 crore in the April-June 2024 quarter. Year on year, the net profit saw a modest rise from Rs 668.18 crore in the same quarter of the previous fiscal year. This performance underscores Jio Financial Services’ growing strength and solid position in the financial sector following its demerger and D-Street debut in August 2023.