Shares of Jio Financial Services Ltd jumped as much as 5 percent in intraday trading on April 16 after the company announced an equal joint venture with BlackRock to launch a wealth management business. The Jio Financial stock was trading up 4 percent at Rs 368 on the NSE at 9.42 am.

Over the past six months, Jio shares have soared 64 percent. Notably, Jio has delivered positive monthly returns consistently from November 2023 to March 2024. The Jio Financial made its debut on the stock exchanges in August 2023.

In an exchange filing, the company said it has agreed to form a joint venture with BlackRock Inc for "undertaking wealth business, including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India."

Earlier, in July 2023, Jio had announced a 50:50 joint venture with BlackRock, aiming to revolutionise India's asset management industry with a digital-first approach. The recent partnership further strengthens Jio's collaboration with BlackRock, the company stated.

Jio said that the launch of the wealth management and broking business is contingent upon regulatory and statutory approvals. A large deal involving 10.5 lakh shares of Jio changed hands on the exchanges.