Jio Financial Services: Mukesh Ambani Jio Financial Services, owned by Reliance Industries, gained over 1.1 per cent in the first hour of trading on Monday, October 7. Shares of Jio Financial Services, which fell as much as 3.64 per cent in the last five days, are rising after securing approval from the Securities and Exchange Board of India to set up its mutual fund business in a joint venture with BlackRock.
“…Securities and Exchange Board of India ( SEBI ) Video letter dated October 3, 2024 has granted in-principle approval to the Company and BlackRock Financial Management Inc (“BlackRock”) to act as co-sponsors and establish the proposed mutual fund. SEBI will grant final approval for registration subject to compliance by the Company and BlackRock with the requirements set out in the said letter,” the company informed investors in an exchange filing.
Over the past month, the company’s shares have remained stable, while the stock’s six-month returns turned negative with a drop of 7.49 percent. However, in the last 12 months, the stock has seen a rise of 55 per cent following a share demerger from Reliance Industries.
At 10:09 am, the company’s shares were trading at Rs 340.90 apiece, up 2.15 points or 0.63 per cent.
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