Share of Reliance Industries was under pressure in the morning session, down 1.05 per cent, ahead of its 44th Annual General Meeting today.
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.
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 27 per cent in the last 12 months and risen 10 per cent since the beginning of this year.
Chairman Mukesh Ambani is expected to make some major announcements including the likely launch of affordable 5G phone, JioMart's grocery venture with WhatsApp, low-cost affordable laptop JioBook and its $15-billion deal with Saudi Aramco.
Perhaps the most anticipated announcement in the Reliance AGM revolves around the affordable 5G phone. Reliance Jio is also likely to address its roadmap for the 5G rollout in India.
Reliance Jio is reportedly planning to enter the laptop segment with a product called JioBook. The device is expected to be powered by Qualcomm's 11-nm Snapdragon 665 chipset with 4G connectivity.
The Aramco deal will be one of the most keenly followed developments in the RIL AGM.
Saudi Aramco Chairman and Governor of the Kingdom's wealth fund Public Investment Fund Yasir Al-Rumayyan reportedly may be inducted on board of Reliance Industries in the run-up to the $15 billion oil-to-chemicals deal. The deal was set to conclude by March 2020 but has been delayed for unknown reasons. However, talks revived this year.
Mukesh Ambani-helmed Reliance Industries' 44th Annual General Meeting will be held today from 2 pm onwards.
This year, because of restrictions due to COVID-19, the AGM will be held through video conferencing and other audio-visual means.
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