Jio Financial Shares Jump Over 3% On BSE LargeCap Index Inclusion

Shares of Jio Financial Services Ltd. rose over 3% after the stock was included in the S&P BSE Large Cap index.

The changes in the index will be effective on March 18, according to a BSE statement. Besides, Jio Financial Services, Tata Technologies Ltd., JSW Infrastructure Ltd. and Indian Renewable Energy Development Agency Ltd. were included in S&P BSE Large-Mid-Cap.

JFS stock rose as much as 3.7% during the day to Rs 329.65 apiece on the NSE. It was trading 3.43% higher at Rs 328.8 apiece, compared to a 0.26% advance in the benchmark Nifty 50 as of 09:57 a.m.

It has risen 32.1% in the last 12 months. The total traded volume so far in the day stood at 0.6times its 30-day average. The relative strength index was at 70.

One analyst tracking JFS has a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential decline of 11.5%.