Mukesh Ambani’s Jio Financial Services has been up by around 3 percent after the firm announced its mutual fund application.
Jio Financial Services (JFS) share prices have been rallying since the company decided to file its application for mutual fund status with the Securities and Exchanges Board of India (SEBI) yesterday. The JFS shares on Thursday have been up by nearly 3 percent.
Jio Financial Services is up by 2.7 percent on the stock market on January 4, just a day after the Reliance Industries company filed its papers for approvals for opening a joint mutual fund venture with BlackRock Financial Management.
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The application is currently under review by SEBI, and was filed by the two companies on October 19. Meanwhile, the updates list of mutual funds applications on the SEBI website shows Jio Financial Services’ name.
When the markets opened, the shares of JFS bumped up by around 1.58 percent, further rallying at around 2.71 percent on the National Stock Exchange. The share price is currently ₹240.85, around 3 percent higher than yesterday’s closing price.
The launch of Jio Financial Services-BlackRock Asset Management Co is expected to have a deep impact on the share prices of the Reliance company, once it gets required approval from SEBI. Notably, BlackRock Asset Managers is the world’s largest fund house.
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All about Jio Financial Service mutual fund
The mutual fund agency seeking approval from SEBI – Jio Financial Services-BlackRock Asset Management Co – is a 50:50 joint venture between JFS and BlackRock. Through this venture, BlackRock will mark its return in the Indian markets after its exit in 2018.
Both BlackRock and JFS are planning to put in an initial investment of $150 million each, reported Moneycontrol. The aim of the mutual fund agency is to provide Indian investors with tech enabled and affordable investment solutions.
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Moneycontrol quoted JFS CEO Hitesh Sethia as saying, “This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally. The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive the digital delivery of products.”
Jio Financial Services opened on the stock market at a share price of ₹262 after its demerger with RIL. The shares were listed in August last year, and have since slipped around 7 percent.
