EXPLAINED: WHY JIO FINANCIAL SERVICES SHARES JUMPED 5% TODAY
Shares of Jio Financial Services (JFS) surged nearly 5% in early trade, following an announcement about a strategic collaboration.
In a stock exchange filing, JFS said it has partnered with global investment giant BlackRock to establish a joint venture focusing on wealth management and broking services in India.
"This joint venture further strengthens the Company's (Jio Financial) relationship with Blackrock, Inc., with whom the Company 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," JFS said.
It is worth mentioning that this joint venture marks the second collaboration between Jio Financial and BlackRock, aiming to capitalise on India's flourishing wealth management sector.
Jio Financial's shares were up 3.36% to Rs 366.30 on the Bombay Stock Exchange. The company's stock has surged by nearly 57% this year and over 63% in the past six months.
At present, the company's market capitalisation stands at around Rs 2.34 crore.
With the country's stock indices consistently reaching new highs, there's a growing interest from retail investors in wealth management services.
2024-04-16T05:02:55Z dg43tfdfdgfd