Reliance Annual General Meeting 2024: After announcing a joint venture (JV) with Disney, the Indian stock market is expected to follow the developments of the Annual General Meeting (AGM). The Mukesh Ambani-owned conglomerate has already priced its shares at 29% Reliance Annual General Meeting Date 2024 on August 29, 2024, i.e. today. Reliance’s 47th Annual General Meeting will commence today at 2:00 PM. Reliance Annual General Meeting todayThe Sensex heavyweight is expected to discuss the demerger of Reliance Jio and Reliance Retail from Reliance Industries. Hence, the market is expecting some concrete announcements on the IPO of Reliance Jio and Reliance Retail at the upcoming annual general meeting.
According to stock market experts, Mukesh Ambani may announce a timeline for the listing Reliance Retail IPO and Reliance Jio IPO Addressing the 3.5 crore shareholders of Reliance Industries Ltd (RIL), they said that possible public listings of Reliance’s digital and retail units and updates on the progress of new energy projects will be the focus of Mukesh Ambani’s address at Reliance’s Annual General Meeting 2024 on Thursday.
Commenting on Reliance’s AGM 2024, Avinash Gorakshkar, Head – Research, Profitmart Securities said, “RIL Chairman Mukesh Ambani has a track record of making big announcements at Reliance’s AGM. Hence, the market is expecting a concrete plan from Reliance’s AGM on the timeline for listing of Reliance Jio and Reliance Retail shares. Hence, the market is expecting much more than just the announcement of demerger of Reliance Jio and Reliance Retail businesses from RIL.”
Reliance Annual General Meeting 2024: Top 5 Market Expectations
Here are the top five market expectations from Reliance’s 47th Annual General Meeting in 2024:
1]Reliance Jio IPO and Reliance Retail IPO: “At Reliance’s 2019 AGM, it was stated that the IPOs of Reliance Retail and Reliance Jio will be listed on Indian exchanges within five years. Hence, after a gap of five years, the market is expecting the announcement of the timeline for listing of these two upcoming IPOs to be genuine,” said Avinash Gorakshkar.
Global brokerage Jefferies has predicted that Reliance Jio’s initial public offering will take place in 2025 with an estimated market value of $112 billion.
2]Sale of stake in the oil-chemical business: The market is expecting the company to announce a concrete strategy for the sale of stakes in its oil-to-chemicals (O2C) business. Mukesh Ambani is therefore expected to unveil details about potential bidders or buyers for the sale of the O2C stake during Reliance’s annual general meeting today.
3]Focus on non-energy projects: RIL’s chairman is very aggressive in its new energy business. In FY24, RIL has allocated $1 billion in capital expenditure for its solar manufacturing business. Therefore, the allocation of funds to this segment will be closely monitored.
4]5G Implementation: When Chairman Mikesh Ambani addresses Reliance’s 3.5 crore shareholders, he will discuss a monetisation plan for the 5G business. The market is expecting an update on the growth of 5G deployment and the rate of acceleration the company expects in the next financial year.
5]Leadership transition: Dalal Street enthusiasts will also be focusing on Reliance Industries’ succession plans. At Reliance’s 2022 Annual General Meeting, Chairman Mukesh Ambani unveiled a succession plan with his daughter Isha Ambani heading Reliance’s retail business, sons Akash Ambani heading Reliance Jio and Anant Ambani heading Reliance’s energy business.
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