Jio Financial Services shares have seen a significant correction, dropping 17.55% from their record high of Rs 394.70, reached on April 23, 2024. As of Thursday, the stock was trading at Rs 325.45, with a turnover of Rs 29.37 crore and a market capitalisation of Rs 2,06,762.99 crore.

Key Developments and Joint Ventures

• Last month, Jio Payment Solutions Ltd, a subsidiary, received approval from the Reserve Bank of India to act as an online payment aggregator.
• Jio Financial and BlackRock announced a joint venture to enter India's growing asset management market.
• Earlier this year, they signed a 50:50 joint venture agreement to establish wealth management and broking services.

Financial Highlights

For Q2 FY25, the company reported a 3.13% YoY rise in net profit, amounting to Rs 689 crore, compared to Rs 668 crore in the same period last year. Revenue from operations grew by 14.06%, reaching Rs 693.50 crore compared to Rs 608.04 crore in the previous fiscal period.

Technical Analysis: Should You Buy?

A technical analyst has recommended accumulating Jio Financial Services at current levels. Support levels are noted at Rs 317 and Rs 300, while the upside potential is capped at Rs 355 in the short term.