Jio Financial shares in focus on taking full control of JPBL from SBI
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Jio Financial Services Q4 results
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The shares of Jio Financial Services are likely to remain in the spotlight on Thursday, June 19, following its acquisition of a significant stake in Jio Payments Bank Limited (JPBL) from the State Bank of India (SBI). The company announced the acquisition of 7.90 crore equity shares of JPBL , valued at Rs 104.54 crore.The acquisition was made in accordance with the approval received from the Reserve Bank of India (RBI), which was granted on June 4.The acquisition transforms JPBL into a wholly owned subsidiary of Jio Financial Services, which is expected to solidify its position in the growing digital financial services space in India.The company had previously announced plans to acquire a 17.8% stake from SBI. Shares of Jio Financial Services closed at Rs 288 on June 18, showing a modest increase of 0.62% over the previous day's closing price.The company is also gearing up for its next big step in India's mutual fund industry, with the launch of a series of mutual fund schemes through Jio BlackRock Asset Management.This joint venture between Jio Financial Services and BlackRock is poised to leverage both companies' strengths—Jio's digital reach and BlackRock's investment expertise. The approval of this venture from the Securities and Exchange Board of India (SEBI) positions the company as a key player in India's mutual fund space.Jio Financial Services has shown a steady upward trajectory, with its latest report revealing a 2% growth in net profit for FY25. The company reported a profit of Rs 316 crore for the fourth quarter, compared to Rs 311 crore in the previous year. Revenue from operations also rose by 18%, reaching Rs 493 crore from Rs 418 crore in FY24.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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