Jio Financial Services added 2.99% to Rs 365 after the company announced the signing of an agreement with BlackRock Advisors Singapore, to form a 50:50 joint venture (JV) for setting up the wealth management and broking business.
The JV entity would undertake wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India.
In July last year, JioFin announced the formation of a 50:50 joint venture with Blackrock to transform India’s asset management industry through a digital-first offering and democratize access to investment solutions for investors in India.
“The launch of the wealth management and broking business is subject to regulatory and statutory approvals, JioFin said in a statement.
Jio Financial Services is a non-banking financial company registered with the Reserve Bank of India and engaged in the business of finance, trading in futures and options, and trading/investments in shares and securities.
The company reported a 56.03% decline in consolidated net profit to Rs 293.82 crore in Q3 FY24, as compared with Rs 668.18 crore in Q2 FY24. Total income fell 31.86% to Rs 414.33 crore from Rs 608.04 crore posted in the previous quarter same fiscal.
The article originally appeared on Business Standard.