In the last five days, the stock sinked nearly 4% amid an overall bearish trend in the markets.
In the first quarter, the company’s consolidated net profit fell 6% year-on-year to Rs 313 crore from Rs 332 core a year ago mainly due to a fall in interest income and amidst an uptick in operating expenses.
Total revenue from operations for the June quarter quarter stood at Rs 418 crore, higher by 0.9% year-on-year.
Recently, the company’s joint venture with Blackrock got in-principle approval from markets regulator Sebi. The regulator will have to eventually grant the final approval after the two companies fulfil certain requirements.
Days after its demerger from Reliance Industries in July 2023, the company had announced the formation of a 50:50 joint venture with BlackRock to launch asset management services in India.The companies signed a second joint venture in April to set up a wealth management and broking business in the country.Jio BlackRock Investment Advisers was incorporated on September 6 to carry on the primary business of investment advisory services, subject to regulatory approvals. The Certificate of Incorporation was received from the Ministry of Corporate Affairs on September 7, 2024.
Jio Financial Services is expected to shape up the fintech sector by tapping into India’s large potential for retail lending and payment services. These businesses tie in with Reliance’s existing digital and retail businesses, thus providing it a vast scope of growth.
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