Jio Financial Services (JFS) has announced a new joint venture with BlackRock to launch its wealth management and broking business, according to a company filing on Monday.
What Happened: This new 50:50 partnership, which also involves setting up a wealth management company and a brokerage in India, builds on a previous collaboration between JFS and Blackrock aimed at revolutionizing India’s asset management sector with digital-first solutions and expanded access to investment options.
The initiation of these new businesses hinges on receiving the necessary regulatory and statutory approvals.
It is also worth noting that the announcement precedes the release of Jio Financial Services’ earnings for the March quarter, scheduled for Friday, April 19.
See also: Why Global Brokerage Raised Target On This Tata Stock By 43%
The Mukesh Ambani-led company reported a sharp 56% drop in consolidated net profit in the December 2023 quarter, totalling ₹294 crore, while its consolidated revenue from operations decreased by nearly 32% to ₹413.61 crore from the previous quarter.
The company’s expenses in the December quarter rose to ₹98.95 crore from ₹71.43 crore in the September quarter, with the total tax liability slightly increasing to ₹88 crore from ₹86.3 crore in the prior quarter. Jio Financial’s consolidated earnings encompass the financial activities of its various entities, including Jio Finance, Jio Payment Solutions, and several others, alongside the joint venture Jio Payments Bank.
Price Action: Jio Financial Services Ltd. were up 2.86% at ₹364.45 on Tuesday shortly after the bourses opened for trading on the day.
Read next: Tesla Hunts For Locations In Delhi And Mumbai For First India Showroom
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.