Jio Financial Services saw a 5% uptick, reaching an intra-day peak of Rs 371.95, following its partnership announcement with BlackRock, a US-based company.
In an exchange filing on Monday, Jio Financial revealed that it had inked a deal with BlackRock to venture into wealth management. This agreement entails establishing a wealth management firm and subsequently setting up a brokerage company within India.
Back in 2023, BlackRock and Jio Financial Services unveiled a pact to establish a 50:50 joint venture aimed at providing technology-driven access to cost-effective and inventive investment opportunities to millions of investors across India.
“Through this collaboration, we aim to introduce a fresh contender to the Indian market, leveraging a distinctive blend of breadth, magnitude, and assets,” stated BlackRock on its website. The joint venture between JFS and BlackRock is set to kick off with an initial investment of $150 million from each partner.
Over the past five days, Jio Financial Services has experienced a slight decline of over 1%, yet it has surged impressively by over 62% in the preceding six months. Since its demerger from its parent company, Reliance Industries, it has yielded a remarkable return of 55.4%. Looking at the year-to-date performance, it has already seen a significant uptick of over 46%.
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In the past five days, the Nifty Financial Services index has recorded a negative return of 2.6%. Nevertheless, it has shown a solid gain of over 6% over the last six months. However, it has also seen a downturn, erasing more than 1.8% of investors’ wealth since the beginning of the year.
