This article is more than 1 month old.

RIL shares fall 3% after multiple block deals, AGM announcements

Mini

The stock was down after equity worth Rs 700 crore changed hands in multiple block deals today. The share price slipped a day after India’s biggest company by market capitalisation held its 44th annual general meeting (AGM).

RIL shares fall 3% after multiple block deals, AGM announcements
Shares of Reliance Industries fell over three percent on Friday, becoming the top dragger in both the benchmark indices. The stock was down after equity worth Rs 700 crore changed hands in multiple block deals today.
The stock fell a much as 3.3 percent to its day’s low to Rs 2,081 per share on the BSE. It has fallen over 5.6 percent in 2 sessions. The share price slipped a day after India’s biggest company by market capitalisation held its 44th annual general meeting (AGM).
RIL made a slew of announcements at the meeting on Thursday - from Aramco partnership to be finalised this year to Rs 75,000 crore investment in green energy over the next three years.
“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 a Rs 75,000 crore investment in the next three years in four 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.
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 the “internationalisation” of Reliance.
"We expect our partnership with Aramco to be formalised expeditiously during this year," he said.
Read here:
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.
Brokerages have given a thumbs-up to Mukesh Ambani’s investment plans unveiled in the AGM.
CLSA maintains an 'outperform' call on the stock with the target at Rs 2,250 per share. It stated that the company exhibited hopes of closing the O2C stake sale with Aramco this year and added that the clarity on new energy foray is useful. Any big take-up of new smartphones and progress in omnichannel retail will also be important triggers.
Morgan Stanley is 'overweight' on the stock with the target at Rs 2,262 per share. It noted that the company's partnership approach in the new energy business should not cause de-rating.
(Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.)

Market Movers

CompanyPriceChng%Chng
Hindalco417.35 17.30 4.32
SBI Life Insura1,105.15 28.50 2.65
Tata Steel1,330.65 32.70 2.52
Bajaj Finserv13,807.85 282.80 2.09
SBI429.95 6.65 1.57
CompanyPriceChng%Chng
Tata Steel1,330.50 32.40 2.50
Bajaj Finserv13,801.20 275.85 2.04
SBI429.45 6.15 1.45
Bajaj Finance6,231.20 69.05 1.12
Nestle18,238.40 160.85 0.89
CompanyPriceChng%Chng
Hindalco417.35 17.30 4.32
SBI Life Insura1,105.15 28.50 2.65
Tata Steel1,330.65 32.70 2.52
Bajaj Finserv13,807.85 282.80 2.09
SBI429.95 6.65 1.57
CompanyPriceChng%Chng
Tata Steel1,330.50 32.40 2.50
Bajaj Finserv13,801.20 275.85 2.04
SBI429.45 6.15 1.45
Bajaj Finance6,231.20 69.05 1.12
Nestle18,238.40 160.85 0.89

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.46000.04250.06
Euro-Rupee88.14600.44400.51
Pound-Rupee103.38800.70900.69
Rupee-100 Yen0.67900.00490.71