RIL AGM: Reliance shares flat, Jio Financial stock holds gain as Chairman Mukesh Ambani begins speech
RIL AGM: Reliance has cumulatively invested more than $150 billion in the last 10 years, which was higher than any other corporate in India, Ambani said in his speech.
- Aug 28, 2023,
- Updated Aug 28, 2023 4:03 PM IST
Shares of Reliance Industries Ltd (RIL) were trading flat, as Chairman and Managing Director Mukesh Ambani began his speech at the oil-to-telecom major's 64th annual general meeting (AGM). In his initial speech, Ambani announced the appointment of Isha, Anant, and Akash Ambani as non-executive directors. He announced September 19 as the launch date of much awaited Jio AiFiber and said Jio Financial Services (JFS) will enter the insurance segment with general, life and health insurance products , potentially partnering with global players. Akash Ambani, on the other hand, introduced Jio Smart Home services.
Several marquee global strategic and financial investors have shown strong interest in Reliance Retail, adding that he will update investors about the progress in due course.
RIL shares, which were trading marginally higher ahead of the AGM, slipped into the red and were trading at Rs 2,469.55. Shares of Jio Financial, the demerged financial business, climbed 3.70 per cent to Rs 220.10 on BSE.
Reliance has cumulatively invested more than $150 billion in the last 10 years, which was higher than any other corporate in India, Ambani said in his speech adding that Reliance has consistently delivered on all its plans. He noted that the group had contributed Rs 1,77,173 crore to the exchequer, which included Rs 16,639 crore in direct and indirect taxes.
While addressing the Reliance AGM 2023, Mukesh Ambani announced key changes to the conglomerate's board. Nita Ambani will step down from her designation. Their children-- Isha, Anant, and Akash Ambani-- have been appointed as non-executive directors.
"When we look at geopolitical and economic situation, there are dark clouds of uncertainty hovering around us. There is also one sharp, unmistaken ray of certainty. The certainty, that India will rise as a leading nation in our increasingly multipolar world," Ambani said.
"India's transformation as a prosperous, strong and confident nation is a beacon of hope for world," Ambani added.
Ambani said RIL's telecom unit, Jio would be rolling out one million 5G cells by December, 2023. Ambani said Reliance Jio witnessed another year of outstanding growth, posting all-time high revenue of Rs 1,19,791 crore and Ebitda of Rs 50,286 crore. Jio’s overall customer base has now crossed 45 crore subscribers, reflecting 20 per cent YoY revenue growth. Per-user data consumption on Jio’s network has surged, with the average user now consuming over 25 GB every month. This translates to monthly data traffic of 1100 cr GBs, representing a 45 per cent year-on-year growth’, Ambani said.
With Jio AirFiber, RIL is expanding its addressable market to 200-plus million homes and other premises, Akash Ambani, Chairman at Reliance Jio said.
Akash said that over 3.2 crore concurrent users logged onto the JioCinema app during the IPL 2023 final. He added that JioCinema saw a total of 12 crore viewers and logged an average watched time per viewer of 60 minutes on the occasion.
Mukesh Ambani said he sees four frontiers for Reliance Jio’s growth. They are the consumer segment, the home segment, the business segment and the opportunity for global expansion. Collectively, these frontiers provide Jio an opportunity for multi-fold growth in coming years, Ambani said.
RIL stock performance While RIL AGMs are typically marked by announcements of big investments into diversified segments, data compiled from corporate database AceEquity suggests the stock has closed negatively on such days in seven of the last 10 occasions.
For example, RIL concluded its 45th AGM on August 29 last year. The stock fell 0.84 per cent for the day. In 2021, on the day of its 44th AGM, the scrip was down 2.34 per cent. On July 15, 2020, the scrip fell 3.70 per cent. Reliance Industries shares fell 2.53 per cent on the day of RIL AGM in 2018, 2.72 per cent in 2016, 2.11 per cent in 2014 and 0.27 per cent in 2013.
Three occassions when RIL shares gained on the day of AGM was 2019 (up 9.72 per cent), 2017 (3.76 per cent) and 2015 (1.36 per cent)
2019 was exception. The RIL AGM held on August 12 that year, which was a market holiday on account of Bakri Id. The scrip surged the very next day, thanks to a Reliance's road map to becoming a zero-debt company and a mega announcement of Saudi Aramco's 20 per cent investment in RIL's oil-to-chemical business. The worst AGM day for the stock in 2020, when the scrip fell 3.71 per cent despite announcements of Rs 33,737 crore Google deal and make-in India 5G offerings, among others.
Shares of Reliance Industries Ltd (RIL) were trading flat, as Chairman and Managing Director Mukesh Ambani began his speech at the oil-to-telecom major's 64th annual general meeting (AGM). In his initial speech, Ambani announced the appointment of Isha, Anant, and Akash Ambani as non-executive directors. He announced September 19 as the launch date of much awaited Jio AiFiber and said Jio Financial Services (JFS) will enter the insurance segment with general, life and health insurance products , potentially partnering with global players. Akash Ambani, on the other hand, introduced Jio Smart Home services.
Several marquee global strategic and financial investors have shown strong interest in Reliance Retail, adding that he will update investors about the progress in due course.
RIL shares, which were trading marginally higher ahead of the AGM, slipped into the red and were trading at Rs 2,469.55. Shares of Jio Financial, the demerged financial business, climbed 3.70 per cent to Rs 220.10 on BSE.
Reliance has cumulatively invested more than $150 billion in the last 10 years, which was higher than any other corporate in India, Ambani said in his speech adding that Reliance has consistently delivered on all its plans. He noted that the group had contributed Rs 1,77,173 crore to the exchequer, which included Rs 16,639 crore in direct and indirect taxes.
While addressing the Reliance AGM 2023, Mukesh Ambani announced key changes to the conglomerate's board. Nita Ambani will step down from her designation. Their children-- Isha, Anant, and Akash Ambani-- have been appointed as non-executive directors.
"When we look at geopolitical and economic situation, there are dark clouds of uncertainty hovering around us. There is also one sharp, unmistaken ray of certainty. The certainty, that India will rise as a leading nation in our increasingly multipolar world," Ambani said.
"India's transformation as a prosperous, strong and confident nation is a beacon of hope for world," Ambani added.
Ambani said RIL's telecom unit, Jio would be rolling out one million 5G cells by December, 2023. Ambani said Reliance Jio witnessed another year of outstanding growth, posting all-time high revenue of Rs 1,19,791 crore and Ebitda of Rs 50,286 crore. Jio’s overall customer base has now crossed 45 crore subscribers, reflecting 20 per cent YoY revenue growth. Per-user data consumption on Jio’s network has surged, with the average user now consuming over 25 GB every month. This translates to monthly data traffic of 1100 cr GBs, representing a 45 per cent year-on-year growth’, Ambani said.
With Jio AirFiber, RIL is expanding its addressable market to 200-plus million homes and other premises, Akash Ambani, Chairman at Reliance Jio said.
Akash said that over 3.2 crore concurrent users logged onto the JioCinema app during the IPL 2023 final. He added that JioCinema saw a total of 12 crore viewers and logged an average watched time per viewer of 60 minutes on the occasion.
Mukesh Ambani said he sees four frontiers for Reliance Jio’s growth. They are the consumer segment, the home segment, the business segment and the opportunity for global expansion. Collectively, these frontiers provide Jio an opportunity for multi-fold growth in coming years, Ambani said.
RIL stock performance While RIL AGMs are typically marked by announcements of big investments into diversified segments, data compiled from corporate database AceEquity suggests the stock has closed negatively on such days in seven of the last 10 occasions.
For example, RIL concluded its 45th AGM on August 29 last year. The stock fell 0.84 per cent for the day. In 2021, on the day of its 44th AGM, the scrip was down 2.34 per cent. On July 15, 2020, the scrip fell 3.70 per cent. Reliance Industries shares fell 2.53 per cent on the day of RIL AGM in 2018, 2.72 per cent in 2016, 2.11 per cent in 2014 and 0.27 per cent in 2013.
Three occassions when RIL shares gained on the day of AGM was 2019 (up 9.72 per cent), 2017 (3.76 per cent) and 2015 (1.36 per cent)
2019 was exception. The RIL AGM held on August 12 that year, which was a market holiday on account of Bakri Id. The scrip surged the very next day, thanks to a Reliance's road map to becoming a zero-debt company and a mega announcement of Saudi Aramco's 20 per cent investment in RIL's oil-to-chemical business. The worst AGM day for the stock in 2020, when the scrip fell 3.71 per cent despite announcements of Rs 33,737 crore Google deal and make-in India 5G offerings, among others.