India's Jio Financial gains on wealth management JV with BlackRock

Motilal Oswal Financial Services

16/04/2024 05:04

** Shares of Jio Financial Services  JIOF.NS  up 3.8% at
367.50 rupees
    ** Co said on Monday it entered into new joint venture with
BlackRock  BLK.N  to set up a wealth management and broking
business in India
    ** Indian wealth management, brokerage stocks mostly shrug
off JIOF's entry into the segment
    ** Shares of 360 One Wam  ONEW.NS , IIFL Finance  IIFL.NS ,
Angel One  ANGO.NS  and Motilal Oswal Financial Services
 MOFS.NS  up between 0.1% and 1.5%; Nuvama Wealth Management
 NUVA.NS  down 0.8%
    ** JIOF up more than 59% YTD vs 2.4% drop in Nifty financial
index  .NIFTYFIN 

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))