Reliance Industries Ltd (RIL) is set to hold its 46th Annual General Meeting (AGM) of shareholders, today. The AGM 2023 is being held just weeks after the Jio Financial Services was listed on stock exchange earlier this month. “Notice calling the 46th Annual General Meeting (Post-IPO) (AGM) scheduled to be held in compliance with applicable circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India through video conferencing/other audio visual means on Monday, August 28, 2023, at 2:00 pm IST,” RIL had said.
Investors and market experts have high expectations from this annual meeting. “All eyes would be on RIL AGM and its announcement focusing on the Jio Financial future outlook post demerger and other high hopes on Future Retail IPO, Reliance Jio IPO and company’s succession plans in the future,” said Prashanth Tapse, Research Analyst Sr VP Research, Mehta Equities Ltd.
“RIL has a lot of plans on cards for value unlocking which started from Jio Financials but first initial reactions post listing was not as street expectations. I believe Mukesh Ambani would be focusing more on the Jio Financial plan of action in coming days, which would give a road clear for further value unlocking of retail and Jio telecom ventures. Technically, Reliance is under Short Buildup trend so any close above 2500 can be a turning point for the stock and AGM highlights will be highly watched. We are neutral and investors should wait and watch for the AGM outcome before taking any action in RIL and Jio Financial,” said Prashanth Tapse.
Meanwhile, Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “Market will be keenly watching for any indications on value unlocking in Reliance Retail and telecom businesses. Also any announcements regarding the status of the mega green energy and battery projects also will be keenly watched.”
RIL’s 45th annual general meeting was held on August 29 2022, where Chairman and managing director Mukesh Ambani had made a series of announcements including the company’s plans to roll out 5G services by December 2023, partnerships with Meta and Google, and the AirFiber service. During the meeting, shareholders were told that Mukesh Ambani will share an update on the planned initial public offer (IPO) of Reliance Retail and Reliance Jio in the annual general meeting in 2023.
Reliance Industries had said it expects the green power segment to emerge as a growth engine for the company and is set to double new energy investment commitments. He had also spoken about Akash Ambani, Isha Ambani and Anant Ambani, who he said are ‘first among equals’ in a young team of leaders. Jio had said that it is committed to spending $25 billion to launch 5G services. The company also unveiled the AirFiber, a wireless plug-and-play 5G hotspot that doesn’t require fibre cables and offers a personal Wi-Fi hotspot at home or offices.
Earlier in July, RIL released its first quarter earnings with profit at Rs 16,011 crore, down 10.8 per cent in comparison to Rs 17,955 crore during the first quarter of FY23, on account of higher finance cost and increased depreciation. It posted revenue from operations at Rs 2,10,831 crore, down 5.3 per cent from Rs 2,22,664 crore during Q1FY23, due to sharp decline in O2C revenues with fall in crude oil prices. However, RIL said that this is partially offset by continued growth in consumer businesses and increase in volumes from O2C and Oil & Gas business. The conglomerate also announced a dividend of Rs 9 per equity share of Rs 10 each for the financial year ended March 31, 2023.
