Jio Financial Shares Extend Gains Post SEBI Nod for JV's Mutual Fund Business

Jio Financial Services shares are in spotlight lately after a joint venture involving the company received regulatory approval to commence operations as an investment manager for their mutual fund business in India. The stock is near its five-month high level and rose as much as 3% higher to its intraday high of Rs 299.25 on the National Stock Exchange today. It has extended gains from Tuesday and is currently up over 6% from last week close.

The joint venture—Jio BlackRock Asset Management—on Tuesday received the final approval from the Securities and Exchange Board of India for starting a mutual fund business. Including the 50:50 joint venture between Jio Financial Services and BlackRock, there are total 48 players in the Rs 70tn mutual fund industry, according to reports.

Jio Financial is the Reliance Industries’ financial arm, covering digital payments, lending, insurance broking and now, mutual funds. The joint venture aims to launch a digital-first investment platform for both retail and institutional investors in India.

The platform plans to harness the distinct strengths of its two partners — Jio Financial’s robust digital infrastructure and deep understanding of the Indian market, and BlackRock’s global investment acumen, supported by its advanced risk management system.

The venture has named Sid Swaminathan, former head of international index equity at BlackRock, as managing director and CEO of Jio BlackRock AMC. He has also led BlackRock's fixed-income strategies for Europe.

Jio Financial Services had reported a marginal 2% on-year growth in its consolidated net profit for the fourth quarter of FY25. Its revenue from operations during the reporting period rose 18% year-on-year. On a sequential basis, revenue from operations rose 13%, while the profit after tax jumped 7% quarter-on-quarter.

At its intraday high today, the stock was down 17% from the May 27, 20224 close. However, the stock has gained over 18% in the last one month. It is only slightly higher than its previous year close. Currently, shares of Jio Financial are 19% below their 52-week high, while 51% higher than their 52-week low level.