Reliance Industries Limited gained over 2 per cent on Monday driven by the announcements made during the Annual General Meeting (AGM) where the conglomerate unveiled a series of growth initiatives. During the AGM, Reliance announced measures ranging from artificial intelligence infrastructure and new energy projects to the proposed listing of Jio Platforms.
In the early trade, Reliance Industries stock was trading up by 2.4 percent, at Rs 1,340.90, outperforming the benchmark Nifty 50’s 0.5 percent gain.
The stock’s advance also helped lift the Nifty Oil & Gas index, which was up 1.2 percent.
The Indian Stock Markets begun the week on a positive note with both the indices opened higher by nearly 0.5 percent as Nifty opened at 24,106 and the Sensex opened at 77,160.
Chairman Mukesh Ambani used the 49th Annual General Meeting (AGM) after its IPO to lay out a sweeping vision for the conglomerate’s next phase of growth.
The key takeaways from the meeting were long-anticipated Jio IPO, the company’s artificial intelligence strategy, investments in clean energy, and the future direction of its retail business.
How brokerages decode RIL AGM?
Nomura maintained buy rating on the stock with sum-of-the-parts (SoTP)-based target price at Rs 1,640. Post the potential Jio IPO, new catalysts to look forward to may come from ramp-up of new energy business and revenue contribution starting FY27, it said.
The next phase of growth in oil-to-chemicals (O2C) business segment will be driven by investments in higher-value chemicals and materials, said Emkay Global.
Antique Stock Broking said, Reliance will re-rate on a continuous basis as key milestones of transition are achieved, starting with the JIO IPO and subsequently the commissioning of 10 GW integrated solar project along with 40 GW battery plant this year.
