Mukesh Ambani eyes Rs 70000000000000 industry! finds ‘Aladdin's lamp', gets nod from…, this share skyrockets
Mukesh Ambani, India's richest man, alone is enough for Pakistan, his wealth is twice of Pakistan's annual budget, his net worth is....
Despite the decline in the domestic market, the shares of Jio Financial Services are rising. SEBI has given the nod to the joint venture of Jio Financial Services and BlackRock to start business in India. The mutual fund industry in India has an asset under management (AUM) of Rs 70 lakh crore.
It is expected that Jio BlackRock Asset Management Private Limited will soon enter the mutual fund business in India. Following this news, JFSL shares are experiencing a significant boost.
On Wednesday, the company's stock closed at Rs 291.50 on the BSE and reachedRs 299.20 in early trading today. Its 52-week high was Rs 368.30, on June 20 last year, while the 52-week low was Rs 198.60 on March 3 this year. After SEBI's approval the stock has seen a major upward trend. As per SEBI regulations, the company can commence business within six months. Sid Swaminathan has been appointed as the MD and CEO of Jio BlackRock. How Will It Benefit Mukesh Ambani?
The mutual fund industry in India is growing rapidly. By the end of April, the industry's AUM was Rs 70 lakh crore. Jio BlackRock will become the 48th AMC (Asset Management Company) to enter this sector. Over the last 10 years, the mutual fund industry in India has grown at an annual rate of 18%. The country has 8.89 crore SIP accounts, with monthly systematic inflow of around Rs 26,632 crore.
The company, on October 29, 2024, announced incorporation of two companies, 'Jio BlackRock Asset Management Private Limited' and 'Jio BlackRock Trustee Private Limited', to carry on the primary business of mutual fund, subject to regulatory approvals, it said.
JFSL non-executive director Isha Ambani in a statement said, 'Our partnership with BlackRock is a powerful combination of global investment expertise and Jio's digital-first innovation.'
Together, she said, 'we are committed to making investing simple, accessible, and inclusive for every Indian. I am confident that JioBlackRock Asset Management will play a transformative role in shaping the future of financial empowerment in India.'
(With Inputs From PTI)
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