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Reliance Industries share falls over 3% during 44th AGM

The stock hit an intraday low of Rs 2,140. It ended 2.35 per cent lower at Rs 2153.35 against the previous close of Rs 2205.10 post the AGM

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Share of Reliance Industries Ltd (RIL) declined over 3 per cent during the 44th annual general meeting (AGM) today. The stock hit an intraday low of Rs 2,140. It ended 2.35 per cent lower at Rs 2153.35 against the previous close of Rs 2205.10 post the AGM.

The large cap share opened 0.45 per cent higher at Rs 2214.80 against the previous close of Rs 2205.10. However, the stock shed all its early gains and slipped into the red.

Market cap of the company fell to Rs 13,65,103.98 crore.

The share stands higher than 50 day, 100 day, and 200 day moving averages and lower than 5 day, 10 day and 20 day moving averages.

It has gained 25 per cent in the last 12 months and risen 8 per cent since the beginning of this year.

Reliance raised Rs 3,24,432 crore capital through equity sale in Jio Platform and retail, rights issue, asset monetisation.

The Aramco deal was one of the most keenly followed developments in the RIL AGM.  Chairman Mukesh Ambani said Saudi Aramco's plan to join Reliance O2C Ltd as a strategic partner is expected to be formalised expeditiously in this year.

Also, Reliance Industries has inducted Yasir Al-Rumayyan, Chairman of Saudi Aramco and the Governor of the Public Investment Fund, on the board of India's largest private company. The move is expected to hasten the deal conclusion.

Mukesh Ambani also announced Jio Phone Next, an ultra-low-cost smartphone developed jointly by Google and Reliance Jio.

"I am pleased to announce that Google and Jio teams have jointly developed a truly breakthrough smartphone - JIOPHONE NEXT. It is a fully-featured smartphone supporting the entire suite of applications from both Google and Jio," said Mukesh Ambani at the Reliance Industries Ltd's (RIL) 44th Annual General Meeting (AGM) virtual event.

JioPhone Next follows JioPhone and JioPhone 2. While the phones were primarily featured phones with some smart features, JioPhone Next is a full-fledged smartphone that comes with the Google Play Store.

He further informed that they have started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar. It will be amongst the largest such integrated renewable energy manufacturing facilities in the world.

"Reliance Retail sold 4.5 crore units of electronics last year which translates to over 120,000 units per day. We sold over a billion units of groceries or about 30 lakh units per day," he added.

He said that they plan to build four Giga factories to manufacture and integrate all critical components needed for the new energy ecosystem -- solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory.