A Subsidiary of Jio Financial Services Is Established to Distribute Financial Products
In response to the announcement that it has formed a subsidiary to market financial goods, Jio Financial Services Ltd.'s stock increased by more than 1.6% in Friday's early trades, August 16.
In a stock filing on August 15, JFSL shared the news that the company has formed a totally owned subsidiary called Jio Finance Platform and Service Limited on August 14, 2024.
This new enterprise, which will have its headquarters in Mumbai, will provide a comprehensive suite of banking and related services.
Jio Financial Services is going to put up INR 1 lakh to buy 10,000 equity shares, having a face value of INR 10.
The new subsidiary's certificate of incorporation was received on August 15 from the Ministry of Corporate Affairs.
Shares of Jio Financial Services started the day on the up at INR 324 on the NSE and continued to rise, reaching an intraday high of INR 325.5.
Company’s First AGM
The first annual general meeting (AGM) of z will be conducted on Friday, August 30, as announced on August 5, by the firm.
For the sake of convenience and accessibility, the conference will be held by Video Conferencing ("VC") and other Audio-Visual Means ("OAVM").
Compared to the same period last year, when it was INR 332 crore, Jio Financial Services' consolidated net profit for Q1FY25 was INR 313 crore, a year-on-year fall of 5.7%.
In the reviewed period, total revenue rose to INR 418 crore from INR 414 crore in Q1FY24, a slight rise of 0.97%.
Decline on Total Interest Earned
The overall interest earned for the quarter fell at INR 162 crore, a 20% year-over-year and 42% sequential fall.
The net benefit from increases in fair value increased substantially, climbing by 25% annually and 101% quarterly, to INR 218 crore.
About JFSL
In July of 1999, JFSL was initially established as Reliance Strategic Investments Private Limited, which was originally constituted under the Companies Act of 1956. In July of 2023, Jio Financial Services Limited was officially established as a company.
The Reserve Bank of India (RBI) has registered JFSL as an NBFC-ND-SI. The company is a holding company, and it will run its financial services business through its consumer-facing subsidiaries, which are Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), and Jio Payment Solutions Limited (JPSL), as well as through a joint venture that is called Jio Payments Bank Limited (JPBL).
Rishabh Rathi
Must have tools for startups - Recommended by StartupTalky
- Convert Visitors into Leads- SeizeLead
- Manage your business smoothly- Google Workspace
- International Money transfer- XE Money Transfer
