Mukesh Ambani’s Reliance Industries (Image Source: Reliance Industries)
New Delhi: Property of Mukesh Ambani Trusted Industries Shares of Limited (RIL) are expected to be in the spotlight tomorrow as the company has set the record date for its free issue of shares. In a stock exchange filing on Wednesday, the Mukesh Ambani-led conglomerate announced that Monday, October 28, 2024 will be the record date to determine which shareholders are eligible to receive the bonus shares.
Reliance Industries Bonus Share Issue
The company had previously approved a 1:1 bonus share issue in September, meaning shareholders will receive one additional share for each share they own. Describing the move as an “early Diwali gift” to investors, this is the sixth time the oil-to-telecom giant has issued bonus shares.
Reliance Industries share price Aim
HDFC Securities reaffirmed its “ADD” rating on RIL, with a target price of Rs 3,350 per share, indicating an upside potential of 22 per cent. The brokerage’s optimism is based on three main factors: a recovery in the O2C business, growth in the digital business driven by better average revenue per user (ARPU) and subscriber additions, and potential unlocking of value in the segments digital and retail. HDFC Securities also noted that RIL’s EBITDA in Q2FY25 of Rs 391 billion (-4.7 percent YoY, +0.8 percent QoQ) surpassed its estimates, largely due to strong performance of the telecommunications segment.
Reliance Industries Share Price Performance
Reliance Industries shares are showing some gains on Wednesday after 13 consecutive days of decline. At 2 pm on Wednesday, shares of Reliance Industries Ltd were trading 0.50 per cent higher at Rs 2,700.55.
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