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Jio Financial Services: Mukesh Ambani's company Jio Financial Services is planning to launch a new facility. According to the announcement made by the company, Jio Financial Services' NBFC Jio Finance Limited said that it is in the final stages of launching home loan service. Its beta testing has been started. Apart from this, the company is also going to introduce other products like loan on property and loan on securities.
This feature was launched as a beta test
Addressing the shareholders at the first AGM, the company's MD and CEO Hitesh Sethia said, “We are in the final stages of launching the loan facility, which has been started on a trial basis. Other products like loan against property and loan against securities are also in the pipeline.” He said Jio Finance Limited has already introduced secured loan products like supply chain financing, loan against mutual funds and enterprise solutions for equipment financing in the market.
Where has the company's stock reached?
Jio Financial Services shares fell to Rs 321.75 in the trading week ended on Friday. The stock has touched an all-time high of Rs 394.70 in April 2024. The all-time low of the stock is Rs 204.65. The company has recently received approval from the Reserve Bank of India to act as a core investment company (CEC). In the same quarter a year ago, the company had reported a profit of Rs 332 crore.
Let us tell you that before the annual meeting, Jio Financial Services had bought 6.8 crore equity shares of Jio Payments. After this, the stake has increased to 82.17%. These shares have been bought by Jio Financial at a face value of Rs 10 per share. This has led to a total cash investment of Rs 68 crore.