"With the partnership with Blackrock for the AMC business, we expect the AUM in FY24E post-license approval and product launch to be around Rs 23.3 billion given the industry opportunities, brand equity, attraction towards the capital market, and the right choice of product basket," KRChoksey Research said.
The stock was up nearly 2% in trade on Wednesday on the National Stock Exchange at Rs 247.10. Intraday, it touched a high of Rs 251.60, which is the highest level since September 12. The gains on Wednesday were backed by strong volumes of more than 40 million shares, which was double the three-month daily average volume of 20 million shares.
At RIL's 46th annual general meeting (AGM), Chairman and Managing Director Mukesh Ambani called Jio Financial as the fourth growth engine. He said the company's products would not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC.
Jio Financial was listed on August 21 at a 1.18 per cent premium over its discovered price of Rs 261.85 apiece on July 20. BSE has increased the price band for the stock to 20 per cent from 5 per cent earlier
Jio Financial Services' shares listed at Rs 265 per share on the BSE and Rs 262 apiece on the NSE on Monday against the discovered price of Rs 261.85 apiece in a special pre-open session last month.