Jio Fin Services shares rise following BlackRock JV

Shares of Jio Financial Services Ltd saw a surge of over 2 per cent on Tuesday after the company announced a 50:50 joint venture with BlackRock to establish a wealth management and broking business.

The stock climbed 4.89 per cent to Rs 371.75 during the trading session on the BSE, eventually closing at Rs 361.85, up 2.10 per cent. Similarly, on the NSE, the company's shares rose by 4.98 per cent to Rs 371.95, settling at Rs 362.70, marking a gain of 2.37 per cent.

Jio Financial Services witnessed an increase in market valuation by Rs 4,733.2 crore, reaching Rs 2,29,893.59 crore.

Trading volumes were robust, with 49.48 lakh shares exchanged on the BSE and over 489.21 lakh shares on the NSE throughout the day.

In a filing to the stock exchanges on Monday, Jio Financial announced the formation of a 50:50 joint venture with BlackRock, Inc and BlackRock Advisors Singapore Pte Ltd. The collaboration aims to establish a wealth management company and subsequently a brokerage company in India.

The RIL group subsidiary highlighted that the joint venture strengthens its ties with Blackrock, Inc, following a previous 50:50 joint venture announced on July 26, 2023, aimed at revolutionising India's asset management sector with a digital-first approach and broadening access to investment solutions for Indian investors.

(With PTI inputs)