Business Standard

RIL trades flat ahead of 46th AGM at 2 pm today; Jio Financial surges 5%

At the 46th AGM of Reliance, chairman, Mukesh Ambani is expected to divulge information about JFSL's business and future plans

Reliance Jio to roll out 5G in major Indian cities by October 2022.

SI Reporter New Delhi

Listen to This Article

Shares of Reliance Industries Limited (RIL) were flat (0.5 per cent) at Rs 2,483 apiece on the BSE in Monday's intra-day trade ahead of 46th annual general meeting (AGM). The RIL AGM comes a week after the conglomerate listed its demerged arm, Jio Financial Services (JFSL).
As of 10:55 am, shares of JFSL were up 4.7 per cent to Rs 222 apiece on the BSE, while the stock clinched itself as top Nifty50 performer, up 3.7 per cent on the NSE.
In the past six trading sessions, the stock of JFSL has shed 17 per cent as against the pre-discovered price of Rs 261 per share in the special trading session a month back.
At the 46th AGM of Reliance, chairman, Mukesh Ambani is expected to divulge information about JFSL's business and future plans. Earlier, the exclusion of JFSL shares from the S&P BSE Sensex and other indices was delayed to Friday, September 1.
Ambani is also expected to lay out listing plans of its retail and telecom businesses. That apart, some other key proposals include 5G tariff plans under Reliance Jio, their reasonably priced 5G devices (JioBharat phone and JioBook laptop), and emphasis towards renewable energy power projects.
A year-ago, on August 29, 2022, Ambani had made several noteworthy announcements, which included the launch of 5G Jio in metro cities, announcement of its new FMCG business under Reliance Retail, Rs 75,000-crore investment in oil-to-chemical business, and new solar manufacturing facility. Following the announcement, shares of RIL had gained 1.6 per cent on August 30, 2022. 
In the recently concluded quarter (Q1FY24), the conglomerate's consolidated net profit fell 6.09 per cent year-on-year (YoY) to Rs 18,258 crore, whereas consolidated revenue from operations dropped 5.31 per cent YoY to Rs 2.1 trillion.

Earnings before interest, tax, depreciation, amortisation (Ebitda), however, rose 5.1 per cent YoY to Rs 41,982 crore, led by consumer and upstream business.

At the bourses, so far in calendar year 2023 (CY23), shares of RIL have surged 5 per cent, as against 7 per cent rise in the S&P BSE Sensex. Earlier, the stock had touched a 52-week high of Rs 2,635 per share on July 19, 2023, while a 52-week low of Rs 2,012 apiece on March 20, 2023.


Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 28 2023 | 11:25 AM IST

Explore News