New Delhi: Reliance Industries’ annual general meeting starts on Thursday, August 29, 2024, at 2 pm, in which Chairman Mukesh Ambani is expected to provide a forward view on the potential listing of Reliance Jio and retail businesses. Reliance Industries reported a 5.4 per cent decline in Q1FY25 net profit to Rs 15,138 crore. The conglomerate’s revenue rose 11 per cent to Rs 2.36 lakh crore during the same period.
Reliance Industries reported a 5.4 per cent decline in Q1FY25 net profit to Rs 15,138 crore. The conglomerate’s revenue rose 11 per cent to Rs 2.36 lakh crore during the same period. The company has also announced plans to consider a bonus share issue in the 1:1 ratio on September 5, 2024, after the AGM. The company’s stock price jumped 2 per cent ahead of the AGM.
According to analysts at Jefferies, RIL’s JIo arm is likely to go the IPO route by next year at a $112 billion valuation, Other key focus areas for the oil-to-consumer conglomerate will be the potential IPO of its retail arm, a strategic stake sale in the oil to chemicals business, an update on new energy projects as well as the monetisation of 5G services. During previous AGMs, Mukesh Ambani has also addressed key issues such as succession planning by announcing that Isha Ambani will oversee Retail, Akash will oversee Jio and Anant will look after the new energy business.
Highlights from Mukesh Ambani’s speech
India one of the biggest growth engines in the global economic train
India set to emerge as world’s 3rd largest economy by 2027
Irrespective of global volatility India remains a brightest beacon of hope
We are not in business of short-term profit & hoarding wealth; in business to create wealth, energy security for the nation, says Ambani
Reliance board to consider 1:1 bonus issue on September 5
RIl pivoting towards becoming a deep tech company
RIl has spent Rs 11,000 crore on research in last 4 years
Several patents filed in the field of bioenergy, 6G, AI LLM, narrow band IoT and others
RIL became India’s first company to cross Rs 10 lakh crore mark in revenue terms
Rs 5.5 lakh crore contribution to exchequer
Rs 4,000 crore in CSR spends in last 3 years
RIL endorsing incentive based models
Added 1,7 lakh new jobs last year — Jobs under traditional and newer engagement models total 6.5 lakh
JFS crossed Rs 2.2 lakh crore mcap
India is world’s largest data market thanks to Jio which carries 8 per cent of global data traffic
Jio data prices 1/4th of global average; grown to become world’s largest data company
Jio is a deep tech innovator with a 5G stack
Fully homegrown business and operational support systems
Jio holds over 350 patents in 5g and 6g tech alone
Jio among top 12 companies in India in terms of net profit
AI integral to everything we do, says Ambani
Jio Brain to drive AI-led services in India
Committed to democratising AI — national AI infrastructure announced
Multiple AI inference facilities envisaged
Jio users to receive up to 100 GB free cloud space
RIL AGM 2024 Key Highlights: Reliance Chairman Mukesh Ambani to address shareholders today on August 29, 2024. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
