Shares of Reliance Industries ended over 2 percent lower at Rs 2,153 on BSE on Thursday amidst various announcements at its 44th Annual General Meeting (AGM).
From Aramco partnership to be finalised this year to Rs 75,000 crore investment in green energy over the next 3 years, RIL made a slew of announcements at the meeting today. However, the announcements failed to uplift the stock movement.
"The highlight of the 44th RIL AGM is chairman Mukesh Ambani's announcement of the launch of a truly transformational clean energy ecosystem. The announcement of Rs 75000 cr investment in the next 3 years in 4 Giga factories will mark a seismic shift in India's clean energy pursuit. The affirmation that RIL will make clean energy a truly global business is good news not only for the planet but for shareholders too," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"The announcement of an ultra-affordable smartphone jointly developed by RIL & Google to be launched in September has the potential to accelerate India's digitization drive. RIL's plan to substantially scale up clean energy & digital technology has the potential to transform RIL into a leading global company in sync with a sustainable planet," he added.
In the last 10 years, shares of RIL saw mixed trends on the day of the company's AGM, falling on six occasions, while rising on the rest of AGM days.
During the AGM in 2019, the stock price surged almost 10 percent. The 42nd AGM was held on August 12, 2019, but since the market was closed that day due to Bakri-Id, the stock saw a reaction the next day. It vaulted 9.72 percent.
Mukesh Ambani said Yasir Al-Rumayyan, Chairman of Saudi Aramco and the Governor of the Public Investment Fund, will be joining the board of the company as an independent director. Ambani added that Rumayyan’s joining the RIL board was also the beginning of “internationalization” of Reliance.
"We expect our partnership with Aramco to be formalised in an expeditious manner during this year," he said.
Another major announcement was the launch of JioPhone, jointly developed by Google and Jio teams.
“While being ultra-affordable, JIOPHONE Next is packed with cutting-edge features like the voice assistant, automatic read-aloud of screen text, language translation, smart camera with augmented reality filters and much more,” Ambani said.
(Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.)
First Published: IST