Jio Financial shares surge 5% after NBFC signs agreement with BlackRock
Jio Financial Services' shares surged 5% to Rs 371.75 after partnering with BlackRock, Inc. for wealth management and broking. The joint venture aims to revolutionize India's asset management. The Reliance Industries division, listed separately since August 2023, saw a 6.3% monthly and 47.28% quarterly return.
Shares of Services Ltd (JFSL) jumped nearly 5% to Rs 371.75 on BSE in Tuesday’s session after the firm signed an agreement with asset management firm BlackRock, Inc for the launch of their wealth management and broking business.This joint venture could strengthen JFSL’s relationship with Blackrock, Inc., with whom it had announced a 50:50 joint venture on July 26, 2023, to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India.
The newly formed JV may compete with bank-led wealth management firms and others like BNP Paribas Wealth Management, 360 One, Nuvama, and Avendus.
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Jio Financial Services is the financial services division of billionaire Mukesh Ambani’s which recently underwent a demerger to be listed as a separate entity.
JFSL reported a 56% fall in its consolidated net profit for the quarter ended December 2023 in comparison to the previous quarter while the expenses grew by 38.5% for the same period.
The consolidated earnings of Jio Financial include that of its subsidiaries, associates, and joint ventures. These are Jio Finance, Jio Payment Solutions, Reliance Industrial Investments and Holdings, Jio Insurance Broking, Jio Infrastructure Management Services, Jio Information Aggregator Services, Reliance Services and Holdings, Petroleum Trust, and JV firm Jio Payments Bank.
The financial services arm of Reliance Industries got listed on the exchanges on 21st August 2023 and has given a 6.3% return to the investors in the last month and 47.28% return in the past three months.
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Source: Stocks-Markets-Economic Times
