RIL AGM: Reliance Industries shares up; key stock levels, commentary to watch
RIL target price: Kushal Gandhi, Technical Analyst at StoxBox said the RIL price action analysis on the weekly timeframe shows that the scrip has been trending with higher lows, indicating strength in the primary trend.
At 9.18 am, the scrip was trading 0.11 per cent higher at Rs 2,999 on BSE.
RIL chart movement
Kushal Gandhi, Technical Analyst at StoxBox said the RIL price action analysis on the weekly timeframe shows that the scrip has been trending with higher lows, indicating strength in the primary trend.
“The price action recently succumbed to modest profit booking and showed resilience to drawdowns below its shorter-term weekly exponential moving averages. The stock faces overhead resistance near Rs 3,020, and with a decisive close above this hurdle, the price action is anticipated to attain the target of Rs 3,220 in the short term,” Gandhi said.
RIL AGM: What to watch out for?
Analysts believe updates on listing timeline for retail and digital businesses are a re-rating catalyst and any commentary towards strategic stake sale in O2C business would be welcomed.
hares were trading higher in Thursday’s trade ahead of the oil-to-telecom major’s 47th annual general meeting (AGM) scheduled for later in the day at 2 pm. The stock was also in news as the Mukesh Ambani-led company and The Walt Disney Company got nod from the CCI for the merger of their Indian media assets.
“Any update on the progress of various projects underway in New Energy business with timelines around project commissioning and earning potential from such projects would be keenly followed,” JM Financial said recently.
RIL in its 2022 AGM announced Rs 75,000 crore investments in New Energy. In its 2023 AGM, Mukesh Ambani said RIL was progressing well to deploy its committed capital to build New Energy manufacturing ecosystem.
“This will enable us to accelerate giga-scale production for round-the-clock power and for large-scale Green Hydrogen production for green chemicals manufacturing, as well as for green mobility,” he noted. Updates on New Energy biz, thus would be noteworthy.
The FY24 annual report states that the company will continue to monitor financial markets to seize suitable opportunities for capital-raising to support its growth plans, analysts noted.
“New energy will be commissioning its first train of module and cell manufacturing in FY25. Solar panels manufactured in Jamnagar have obtained BIS certification. Parallelly, work on RE development has commenced and Reliance has been allotted land in Gujarat. The company aims to become the largest RE developer in India. It has initiated participation in RE PPA with the first PPA signed with MSEDCL for 128 MW for 25 years,” ICICI Securities said in a note.
The formalisation of succession plan by Mukesh Ambani, the announcement regarding AiFiber and suggestions of potential investors in Reliance Retail were some of the key highlights of the RIL AGM 2023.
Reliance shares in focus:Reliance Industries (RIL) share price was up 0.64 per cent at Rs 3014.95 per share on the BSE ahead of its annual general meeting (AGM) on Thursday. At 10:13 AM; the share price was trading 0.31 per cent higher at Rs 3,005. By comparison, the BSE Sensex was trading 0.27 per cent higher at 82,006 levels. The AGM of Mukesh Ambani-owned RIL will begin today at 2 PM IST. Analysts anticipate a range of significant announcements at the 47th RIL AGM, with investors expected to have high expectations based on the company’s strong historical performance and recent developments across its business segments.
Additionally, any plans to reduce debt through asset sales or other means will be scrutinised for their effect on share prices. Updates on Reliance Jio’s 5G rollout, including subscriber growth and international expansion, are expected to further influence investor sentiment.
In the past five AGMs, Reliance Industries’ stock experienced significant movement. The sharpest increase occurred in 2019, with the stock rising 9.7 per cent on AGM day, driven by announcements of Jio’s fibre-to-home service and set-top box, along with Mukesh Ambani’s debt-free roadmap. Conversely, in 2020, the stock fell 3.8 per cent on AGM day.
Reliance Industries is a major Indian conglomerate with business verticals spanning petrochemicals, refining, oil, telecommunications, and retail sectors. The company has the biggest market capitalisation in India to the tune of Rs 20.30 trillion.
Its shares are trading at a price to earnings multiple of 50.64 times with an earning per share of Rs 59.16 per share.
With Thanks Reference to: RIL AGM: Reliance Industries shares up; key stock levels, commentary to watch – BusinessToday and https://www.business-standard.com/markets/news/reliance-shares-move-up-ahead-of-its-agm-today-check-all-details-here-124082900211_1.html
