Jio Financial Shares Surge After Profit Doubles

Shares of Jio Financial Services climbed sharply on Friday after the company reported more than double its quarterly profit, boosting investor confidence in its growing financial services business. The stock rose as much as 6.1% during trading, making it the top performer on the Nifty 50 index.

The Reliance-backed non-banking financial company reported a June-quarter net profit of ₹8.3 billion, driven by strong growth across lending, payments, insurance, and asset management. Its lending arm, Jio Credit, continued to expand rapidly, with gross assets under management crossing ₹300 billion.

Brokerages welcomed the strong performance, with analysts highlighting improving profitability, a growing customer base, and steady progress in insurance and asset management. They expect Jio Financial to maintain strong earnings momentum as it scales up operations and focuses on long-term profitability.

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