Share of Reliance Industries Ltd (RIL) declined over 3 per cent for the second session after its 44th annual general meeting (AGM). The stock hit an intraday low of Rs 2,081.15 on BSE. It ended 2.23 per cent lower at Rs 2,105.40 against the previous close of Rs 2,153.35.
The large cap share opened 0.3 per cent higher at Rs 2159.80 against the previous close of Rs 2153.35. However, the stock shed all its early gains and slipped into the red.
Market cap of the company fell to Rs 13,34,706.35 crore on BSE today. The company has lost around 1.3 lakh crore market capitalisation in the last two days.
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 22.5 per cent in the last 12 months and risen 6 per cent since the beginning of this year.
CLSA mentioned that the company exhibited hopes of closing the O2C stake sale with Aramco this year and also added that the clarity on new energy foray is useful.
The brokerage house has maintained an 'outperform' call on the stock with the target price of Rs 2,250 per share.
Edelweiss believes that Jio and retail can contribute half of the company's EBITDA by FY25. It mentioned that new energy will provide the next leg of growth for the company and gas will be a key driver. The brokerage firm has maintained a 'hold' call on the stock with a target price of Rs 2,105 per share.
Morgan Stanley is 'overweight' on the stock with the target price of Rs 2,262 per share. It mentioned that the company's MEGA plan is unique in a global context and can spur Re-rating.
JP Morgan believes that the $10 billion CAPEX in green/renewable biz over the next 3 years was the key highlight in RIL AGM. It has a 'neutral' call on the stock with a target price of Rs 2,250 per share.
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.
Ambani also announced Jio Phone Next, an ultra-low-cost smartphone developed jointly by Google and Reliance Jio.
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.
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