Jio Financial will release its second-quarter earnings later today, thus Friday's trading will be centered on the company's shares. Jio's stock has dropped more than 6% in the lead-up to the findings.
Amid a general market negative trend, the stock fell about 4% over the past five days.
A decline in interest revenue and an increase in operational expenditures were the primary causes of the company's consolidated net profit in the first quarter, which dropped 6% year over year to Rs 313 crore from Rs 332 core the previous year.
The June quarter's total operating revenue was Rs 418 crore, up 0.9% from the previous year.
Markets regulator Sebi recently approved the company's joint venture with Blackrock in principle. The two businesses must finally meet certain standards before the regulator can give the final clearance.
The business announced the establishment of a 50:50 joint venture with BlackRock to deliver asset management services in India, only days following its July 2023 demerger from Reliance Industries.
In order to establish a wealth management and brokerage company in the nation, the corporations inked a second joint venture in April.
On September 6, Jio BlackRock Investment Advisers was established with the primary objective of providing investment advice services, contingent upon regulatory clearances. On September 7, 2024, the Ministry of Corporate Affairs delivered the Certificate of Incorporation.
By leveraging India's enormous potential for retail lending and payment services, Jio Financial Services is anticipated to influence the fintech industry. These companies complement Reliance's current digital and retail operations, giving it a wide range of expansion options.
