Jio Financial Services shares advance 4% after entering into JV with BlackRock

At 10 am, shares of Jio Financial Services are trading 13.40 points, or 3.78 per cent higher at 367.75. The shares had fallen 4.8 per cent on Monday.

Jio Financial Services shares advance (File Image)

A day after Jio Financial Services entered into a new joint venture with BlackRock to set up a wealth management and broking business in India, shares of the company rose advanced 5% in the initial hour of the trading session on Tuesday, April 16. The financial services arm of Reliance Industries Ltd (RIL) had announced 50:50 JV with US based investment company.

At 10 am, shares of Jio Financial Services are trading 13.40 points, or 3.78 per cent higher at 367.75. The shares had fallen 4.8 per cent on Monday.

“The Company (JFS), BlackRock, Inc. and BlackRock Advisors Singapore Pte. Ltd. (Blackrock) today have signed an agreement to form a 50:50 joint venture between the Company and Blackrock, for the purpose of undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India,” the company said in a filing to exchanges on Monday.

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The setting up of broking business by the duo comes at a time when the domestic market has witnessed remarkable gains in the past few years.

The stock had jumped 40 per cent since it was spun out of Reliance Group last year. Jio Financial and BlackRock’s second joint venture aims to tap into India’s increasingly lucrative wealth business and on the growing tribe of retail investors as the country’s benchmark stock indices hovering near record highs.

The duo had launched an asset management venture last year.

-With inputs from Reuters

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