 "Jio Fin Services zooms 3% on Sebi's nod to set up MF; check details here")
Shares of Jio Financial Services (JFSL) surged up to 3.1 per cent at Rs 349.50 per share on the BSE in Monday’s intraday deals. The stock price of the company moved up after it announced that it has received Sebi’s nod to create a mutual fund in association with BlackRock Financial Management.
“Securities and Exchange Board of India (Sebi) vide 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 set up the proposed mutual fund. The final approval for registration will be granted by SEBI subject to fulfilment by the Company and BlackRock of the requirements set out in the said letter,” the company said in an exchange filing on Friday.
US based BlackRock Financial Management is an investment firm that provides asset allocation, portfolio management, financial planning, and investment advisory services, serving clients globally.
As of July 15, 2024, BlackRock's total assets under management (AUM) reached a record high of $10.65 trillion, solidifying its position as the world's largest asset manager.
On the other hand, JFSL, or Jio Financial Services Limited, is an Indian financial services company that specialises in payment solutions, insurance broking, and more, operating as a non-banking financial company (NBFC) that does not accept public deposits.
Originally a subsidiary of Reliance Industries, it was founded in 1999 as Reliance Strategic Investments Private Limited. In July 2023, JFSL demerged from RIL to become an independent entity and rebranded itself. The company has several subsidiaries, including Jio Finance, Jio Payments Bank, Jio Insurance Broking, and Jio Leasing Services.
The company has a total market capitalization of Rs 2.17 trillion. Its shares are trading at price to earnings valuation of 697.04 times, while having an earning per share of Rs 0.49.
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At 9:53 PM, the stock price of the company was up by 1.08 per cent at Rs 342.40 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.32 per cent to 81,952.50 level.