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Jio Financial circuit filter changed to 20% from 5%, effective from Sept 4

Jio Financial circuit filter changed to 20% from 5%, effective from Sept 4

The stock was removed from the BSE Indices, including the benchmark 30-pack Sensex, on September 1.

Basudha Das
Basudha Das
  • Updated Sep 2, 2023 2:42 PM IST
Jio Financial circuit filter changed to 20% from 5%, effective from Sept 4JFSL's current market cap stands at Rs 1.47 lakh crore, which is down from Rs 1.61 lakh crore as on July 20.
SUMMARY
  • The BSE stock exchange has revised the price band for Jio Financial Services to 20 per cent from 5 per cent.
  • The price band for Shri Venkatesh Refineries, RailTel, India Pesticides and Super Fine Knitters has been revised to 10 per cent.
  • Those for Rishabh Digha Steel & Allied Products, Vertex Securities and RattanIndia Power have been changed to 5 percent.

Mukesh Ambani-controlled Jio Financial Services' circuit filter has been changed by BSE from 5 per cent to 20 per cent. The filter will be effective from September 4 (Monday), BSE said in a notification on Saturday. The stock was removed from the BSE Indices, including the benchmark 30-pack Sensex, on September 1.

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Circuit filters are a price range provided for each index. It contains an upper limit and a lower circuit limit. The index cannot fall below the lower limit or climb above the upper limit. These limits are based on the previous day's closing price.

The price band for Shri Venkatesh Refineries, RailTel, India Pesticides and Super Fine Knitters has been revised to 10 per cent.

Those for Rishabh Digha Steel & Allied Products, Vertex Securities and RattanIndia Power have been changed to 5 percent.

On August 31, Jio Financial marked its third consecutive session of gains and closed at an upper circuit of 5 per cent, reaching Rs 242.50 a share on BSE.

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JFSL's current market cap stands at Rs 1.47 lakh crore, which is down from Rs 1.61 lakh crore as of July 20.

Earlier, the stock was scheduled to be removed on August 23. However, the exclusion was delayed by exchanges as it continued to be locked in the lower circuit.

JFSL is currently part of key indices of the BSE and NSE, including the Sensex and Nifty 50.

Jio Financial's insurance segment debut

On August 28, RIL Chairman Mukesh Ambani announced in the company's 46th annual general meeting that Jio Financial will enter the insurance segment to offer life, general, and health insurance products, potentially partnering with global players.

JFS has tied up with Blackrock to enter into the asset management industry. The new brand in the India market will be eyeing an initial investment of $300 million.

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Mukesh Ambani on Monday said rhe listing of Jio Financial is equivalent to a mini bonus for our long-term investors. Every shareholder of Reliance has received shares in JFSL on a 1:1 basis following the recent demerger of the financial services business.

"Just like Jio and Retail, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing businesses," Ambani said.

Also watch: Top stocks of the week: BHEL, Vodafone Idea, Jio Financial, Torrent Pharma, Adani Wilmar, IRFC, others

Also read: Reliance Retail in advanced talks to raise $2.5 bn from global investors by Sept-end: Report

Also read:  Jio working on AI like ChatGPT, Mukesh Ambani says there will be AI for everyone: Story in 5 points

    Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
    Published on: Sep 2, 2023 2:22 PM IST
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