The stock Jio Financial Services advanced 5% to an intra-day high of Rs 371.95 after it entered into a joint venture with US-based BlackRock.
On Monday, in an exchange filing Jio Financial said that it signed an agreement with BlackRock to undertake the wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India.
Earlier in 2023, BlackRock and Jio Financial Services announced an agreement to form a 50:50 joint venture to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India.
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“Together, the partnership will introduce a new player to the Indian market with a unique combination of scope, scale, and resources. JFS and BlackRock are targeting an initial investment of $150 million each in the joint venture,” said BlackRock on its website.
Jio Financial Services has fallen over 1% in the past five days but has risen more than 62% in the last six months. It has given a return of 55.4% since it demerged with its parent firm, Reliance Industries. It has risen over 46% from year to date.
The Nifty Financial Services index has given a negative return of 2.6% in the last five days. However, it has risen over 6% in the last six months but again wiped out more than 1.8% of investors’ wealth from year to date.