Jio Financial Services Shares Spike Five Percent After BlackRock JV Announcement

Jio BlackRock JV: Jio Financial Services and BlackRock had announced the formation of a joint venture on Monday. The tremendous impact of this decision was visible on the shares of Jio Financial on Tuesday. The company's shares jumped almost 5 percent to Rs 371.75 in early trade. The shares of the company had reached very close to their all-time high of Rs 378.70.

Will form a joint venture with 50-50 percent stake

NBFC Jio Financial Services and BlackRock Inc have decided to form a joint venture with 50-50 percent stake. This JV (Jio BlackRock JV) will enter the wealth management and brokerage business. Jio Financial and BlackRock Inc. and BlackRock Advisors Singapore Pte will be the stakeholders in this. These companies had taken the decision to form an asset management company in July last year itself. This JV wants to disrupt India's asset management business through digital products.

Share can touch the figure of Rs 450

BNP Paribas Senior Vice President Gaurav Dua told Business Today that after getting the support of BlackRock, the world's largest asset management company, Jio will now be able to bring great products. With this we may see big changes in the market. JM Financial's fund manager Ashish Chaturmohta said that the fresh base of Jio Financial's shares is now going to be between Rs 340 to Rs 350. There is full hope that it will soon touch the figure of Rs 450.

Quarterly results to come on 19th April

On Tuesday, about 28.99 lakh shares of Jio Financial were bought and sold on BSE. Its market cap also reached the figure of Rs 2,31,831.34 crore. By December 2023, the promoters' stake in this NBFC company was 47.12 percent. The company's quarterly results are due on April 19.

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