RIL share price ends over a per cent lower after AGM
Reliance Industries‘ (RIL) share price ended as the top loser in the Sensex index after the company’s 46th Annual General Meeting (AGM) on Monday. The stock closed 1.11 per cent down at ₹2,442.55 on BSE. With this, the stock is now up just about 3 per cent in the last one year against a 12 per cent gain in the equity benchmark Sensex.
The stock hit its 52-week high of ₹2,635.17 on July 19, 2023, on BSE and its 52-week low of ₹2,012.14 on March 20, 2023. As of the August 28 close, the stock is down about 7 per cent from its 52-week high level.
In his speech, the Chairman and Managing Director of Reliance Industries revealed the company’s plan to expand the business in technology, retail and financial space.
Reliance Industries Limited (RIL) 46th Annual General Meeting saw some major technology announcements.
RIL Chairman Mukesh Ambani called the company ‘New Reliance’ which will be a new age-technology-driven company with distinctive capabilities.
Read more: Reliance AGM 2023: From Jio True5G to Jio Smart Home Services, here are key technology announcements
However, he did not reveal any plans of IPOs for Reliance Retail and Reliance Jio which the market was expecting.
However, talking about the recently demerged financial entity, Ambani said Jio Financial Services will enter the insurance segment.
“The AGM held by Reliance was largely uneventful for the market. The key highlight was the succession plan. However, the company’s stock experienced a decline due to the absence of clear timelines regarding the telecom and retail IPOs,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
RIL Board recommended the appointment of Isha Ambani, Akash Ambani and Anant Ambani on the Board of Directors. “I shall especially mentor them,” Ambani said.
“I shall perform duties as Chairman and Managing Director of Reliance Industries for 5 more years,” said Mukesh Ambani.
RIL chairman highlighted the gradual transition of its O2C business into a green business. “We have embarked on transitioning O2C business into a sustainable and green business. We are accelerating our journey to achieve Net Zero by 2035 through renewables and bioenergy,” said RIL Chairman Mukesh Ambani.
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Updated: 28 Aug 2023, 04:43 PM IST
