Shares of Jio Financial Services (JFS) soared by over 15% to reach a record high as reports emerged stating that the company is among the potential buyers for Paytm‘s wallet business. JFS witnessed a surge of 16.25% to reach ₹295.00 per share, while Paytm shares remained locked at a 10% lower circuit.
The speculation, as reported by Hindu BusinessLine, suggests that Paytm’s parent company, One 97 Communications, has been in discussions with several investors regarding the sale of its wallets business. Sources have indicated that Jio Financial Services and HDFC Bank are two prominent contenders interested in acquiring Paytm’s wallet business.
Paytm’s shares plummeted after the Reserve Bank of India (RBI) imposed certain restrictions on Paytm Payments Bank (PPBL) following an audit report. Despite this setback, Jio Financial Services, which is a demerged arm of Reliance Industries led by Mukesh Ambani, has expressed interest in expanding its financial services segment through acquisitions.
Jio Financial Services operates its financial services business through various subsidiaries, including Jio Finance Limited, Jio Insurance Broking Limited, Jio Payment Solutions Limited, and a joint venture named Jio Payments Bank Limited. Previously, JFS collaborated with BlackRock to establish an asset management company with a joint investment of $300 million. The joint venture, Jio BlackRock, aimed to provide tech-enabled investment solutions to Indian investors.
In the quarter ended December, JFS reported a consolidated net profit of ₹293.82 crore, marking a 56% decline from the previous quarter. However, the company’s Q3FY24 consolidated revenue dropped by 32% sequentially. JFS made its debut on the stock exchanges in August 2023 after being demerged from Reliance Industries.
As of now, Jio Financial Services shares are trading 15.78% higher at ₹293.80 on the Bombay Stock Exchange (BSE).
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