Stock to Watch: Jio Financial shares in focus ahead of Q2 earnings
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Shares of Jio Financial will be in focus in Friday's trade as the company will announce its second quarter earnings later today. In the run up to the results, shares of Jio have been muted with a fall of over 6%. In the last five days, the stock sinked nearly 4% amid an overall bearish trend in the markets. In the first quarter, the company's consolidated net profit fell 6% year-on-year to Rs 313 crore from Rs 332 core a year ago mainly due to a fall in interest income and amidst an uptick in operating expenses. Total revenue from operations for the June quarter quarter stood at Rs 418 crore, higher by 0.9% year-on-year. Recently, the company's joint venture with Blackrock got in-principle approval from markets regulator Sebi. The regulator will have to eventually grant the final approval after the two companies fulfil certain requirements. Days after its demerger from Reliance Industries in July 2023, the company had announce...