NEW DELHI: Shares of Jio Financial Services Ltd on Tuesday climbed 5 per cent after the company announced a 50:50 joint venture with BlackRock for setting up a wealth management and broking business.

The stock gained 4.89 per cent to Rs 371.75 on the BSE.

On the NSE, shares of the company climbed 4.98 per cent to Rs 371.95.

In traded volume terms, 29.61 lakh shares of the company were traded on the BSE, and over 314.18 lakh shares on the NSE.

“The Company, BlackRock, Inc and BlackRock Advisors Singapore Pte Ltd ... Have signed an agreement to form a 50:50 joint venture between the Company and Blackrock, for the purpose of undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India,” Jio Financial said in an exchange filing on Monday.

The RIL group firm said that the joint venture further strengthens its relationship with Blackrock, Inc. Earlier, Jio Financial Services announced a 50:50 joint venture on July 26, 2023, to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India.