Reliance AGM 2024 Live Updates: Mukesh Ambani announces RIL Board of Directors to meet for 1:1 bonus shares – Times of India

RIL AGM 2024 Live: Mukesh Ambani, the Reliance Industries Chairman, began his address to shareholders at the RIL AGM by congratulating PM Narendra Modi for securing a record third term. Ambani said that a notice has been sent to the stock exchange that the Board of Directors will be meeting on September 5, 2024 to vote on the issue of announcing bonus shares in the ratio of 1:1.
Ambani spoke of the global economy, the hope that revolutionary breakthroughs in science like Artificial Intelligence offer, and the concerns surrounding geopolitical conflicts.“World today brings hope and concerns, on one hand we are living with scientific breakthrough like artificial intelligence, we are promised proprietary. The birth of AI has opened up opportunities to help solve multiple problems, but geopolitical tensions threaten to challenge global economy,” said Mukesh Ambani.
Mukesh Ambani also highlighted that India remains the ‘brightest beacon of hope’ for the world. He added that IMF’s projections of India surpassing Japan and Germany to become the world’s third largest economy in the coming years, means that by the time India hits the 80th year of Independence, we would have achieved this milestone.
“Our future is far brighter than our past. For example, Reliance took over two decades to be amongst the Top 500 companies globally. The following two decades saw us joining the league of the world’s Top-50 most valuable companies. With our strategic adoption of Deep-Tech and Advance Manufacturing, I can clearly see Reliance earning a place in the Top-30 League in the near future,” he said.
Reliance Industries’ 47th Annual General Meeting (AGM) is being held on August 29, 2024, through video conferencing and other audio-visual means. The company confirmed in a market filing, “This is to inform that the Forty-seventh Annual General Meeting (Post-IPO) of the members of Reliance Industries Limited will be held on Thursday, August 29, 2024 at 2:00 P.M. (IST) through Video Conferencing/ Other Audio Visual Means.”
Market observers are anticipating potential announcements and updates on various aspects of the company, including Jio Financial Services, new energy initiatives, plans for value creation, and timelines for initial public offerings (IPOs) related to the telecom and retail businesses.
Key focus areas for the AGM include the potential IPOs of Reliance Jio and Reliance Retail being announced, with Jefferies predicting a $112 billion valuation for Jio if listed next year, says an ET report.
Investors will also be interested in any possible strategic stake sale in the oil-to-chemicals (O2C) sector and updates on Reliance’s new energy strategy, particularly the progress of the green energy project at Jamnagar.
Furthermore, Reliance Jio’s recent tariff hikes, signaling a shift towards monetizing 5G services, will be closely monitored by investors.
Mukesh Ambani’s succession plan, which designates Isha, Akash, and Anant Ambani for key business areas, will also be under review, with a focus on any updates regarding leadership transitions.
Analysts from Bernstein and Morgan Stanley have raised their target prices for RIL, reflecting expectations of future growth driven by the telecoms and retail sectors, as well as consolidation in the O2C sector.