Investors trade cautiously in RIL stock after the 43rd AGM announcements

On Wednesday, when the AGM was presented, RIL stock had touched an all-time high of Rs1,978.50 per piece on Sensex.

Jul 16, 2020 11:07 IST India Infoline News Service

RIL, Reliance Industries
On Thursday, the Reliance Industries (RIL) stock was witnessing mixed trend on exchanges after the company's Chairman and Managing Director (MD) Mukesh Ambani made key announcements in its 43rd annual general meeting (AGM). The RIL stock which opened at Rs1,850 per piece on Sensex has managed to touch an intraday high and low of Rs1,868 per piece and Rs1,812.25 per piece, respectively.

At around 11.10 am, the stock was performing at Rs1,834.85 per piece down by Rs10.75 or 0.58%.

On Wednesday, when the AGM was presented, RIL stock had touched an all-time high of Rs1,978.50 per piece on Sensex.

Some of the major key announcements done by Ambani in the AGM were:

One of the major key developments announced by Ambani was that the largest search-engine Google will be investing Rs33,737cr for 7.7% stake in Jio Platforms. In its filing to exchanges, RIL said, "signed binding agreements with Google International LLC pursuant to which Google would invest Rs33,737cr for a 7.73% equity stake in Jio Platforms Limited on a fully-diluted basis. Google is investing at an equity valuation of Rs4.36 lakh crore".

Ambani announced that Reliance Jio is ready with a world-class 5G solution and that field deployment can happen next year. JIO has designed and developed a complete 5G solution from scratch. This 5G product will soon be available on trials once the spectrum is allocated.

The launch of JioGlass a new mixed reality headset was announced, which is expected to enable holographic video calling. Weighing only 75 grams, the JioGlass will focus on offering best in class, immersive mixed reality services. It remains connected by a single cable.

One of the most awaited developments in this AGM was Aramco deal. However, Ambani says in the AGM that, "due to unforeseen circumstances and COVID-19, the deal with Saudi Aramco has not progressed as per the earlier timeline. However, RIL remains committed to a long-term partnership with Saudi Aramco". Earlier in RIL's annual report FY20, Ambani said, "In the Energy businesses, Reliance is working to complete the contours of a strategic partnership with Saudi Aramco". It is being known that RIL seeks to sell about 20% stake to Aramco.

Also, RIL is targetting to become net carbon-neutral by 2035.

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