The stock Jio Financial Services advanced 5% to an intra-day high of Rs 371.95 after it entered into a joint venture with US-based BlackRock. 

On Monday, in an exchange filing Jio Financial said that it signed an agreement with BlackRock to undertake the wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India.

Earlier in 2023, BlackRock and Jio Financial Services announced an agreement to form a 50:50 joint venture to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India.

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The Indian equity indices remained subdued on May 28. The Nifty 50 closed 44.30 points or 0.19% lower at 22,888.15. Similarly, the BSE Sensex settled down 220 points or 0.29% lower at 75,170.45. Realty and energy stocks were the major draggers. Adani Ports, Power Grid Corp, BPCL, Coal India, and Adani Enterprises were the major losers in the Nifty 50 on May 28.

Sectoral indices lower

The Nifty Midcap 100 dipped 467 points or 0.89% to settle at 52,294.80. Nifty Bank closed 140 points or 0.28% at 49,142.15. In the broader market, smallcap and midcap stocks closed in the red. 

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Rating firm Moody’s Investors Service has upgraded the corporate family rating of Tata Power Company to Ba1 from Ba2 and maintained the stable outlook.

“The rating upgrade to Ba1 is driven by Tata Power’s solid financial metrics, which are projected to remain above the upgrade trigger set for the earlier Ba2 rating,” said Yong Kang, a Moody analyst.

The company’s standalone credit quality is supported by predictable cash flow from its distribution businesses that benefit from a stable regulatory framework, and from its fixed-tariff long-term power purchase agreements (PPAs) for its renewable generationcapacity, Moody’s said.

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