Jio Financial enters broking business, incorporates Jio Blackrock Broking; stock down 2%
- Jio Financial Services has launched a subsidiary, Jio BlackRock Broking, as of January 20, 2025, pending regulatory approvals. The company reported a flat consolidated profit of ₹295 crore for Q3 2024, with total expenses increasing year-on-year to ₹131 crore.
Jio Financial Services Ltd has recently announced in an exchange filing that its joint venture, Jio BlackRock Investment Advisers Private Limited, has established a wholly owned subsidiary called ‘Jio BlackRock Broking Private Limited’ as of January 20, 2025. This new entity is set to engage in broking activities, pending the necessary regulatory approvals.
In a filing with the exchange, the company indicated that it, in partnership with BlackRock, has each made an initial investment of ₹3 crores in Jio BlackRock Investment Advisers Private Limited, incorporated in September 2024.
Jio Financial Services announced on Friday, January 17, that its consolidated profit remained flat at ₹295 crore for the third quarter that concluded in December 2024. In the same quarter of the previous financial year, the company reported a consolidated net profit of ₹294 crore, Jio Financial Services stated in a regulatory filing.
The company's consolidated net profit reached ₹689 crore during the second quarter of the current fiscal year. Total income rose to ₹449 crore, up from ₹414 crore in the third quarter of the previous fiscal year. Total expenses also experienced a year-on-year rise, hitting ₹131 crore compared to ₹99 crore in the corresponding quarter last year.
Jio Financial Services share price today
Jio Financial Services share price today opened at ₹277.25 apiece on BSE, the stock touched an intraday high of ₹277.55 per share and an intraday low of ₹265.55 apiece.
“The stock is facing a continuous lower low pressure and showing weaker signs. With the Indian markets turning highly volatile, the entire Midcap & Smallcap pack would be under pressure due to Q3 earnings performance. We expect Jio to remain in the current range between 255-260 and any close above 280 levels on a weekly basis can bring in some strength. As of now the stock is seeing a rise in negative momentum, and RSI is indicating weaker conditions. 294 acts as a resistance which should be watched before going aggressive on the counter. Hence advise Wait and watch on Jio Financial,” said Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High