Reliance Industries Ltd. announced new directors, showcased its 5G and retail plans and shared green energy goals in its 46th annual general meeting (AGM) on August 28, 2023.
One of the major announcement was the company's board recommending the appointment of Isha Ambani, Akash Ambani and Anant Ambani as non-executive directors. Nita Ambani, who has been a director since 2014, will step down from the board but will continue as the chairperson of Reliance Foundation. She will also attend all the Reliance Industries board meetings as a permanent invitee.
Additionally, the company also announced the launch date for JioAir Fiber, which is an ultra-high-speed 5G hotspot device that will deliver fibre-like 5G speeds at home or office without any wires. The device can provide 1,50,000 connections a day, ten times faster than broadband connections through physical fibre. It will be launched on September 19, the day of Ganesh Chaturthi.
Out of the 40 analysts that track Reliance Industries, 32 of them have a buy recommendation, five of them say hold, while three have a sell recommendation.
CLSA
Brokerage firm CLSA maintained its buy recommendation on the stock with a price target of Rs 3,060 per share. It speaks about the impending JioAirFiber launch on September 19. The foray into wind power and the addition of the Ambani family's next generation were also important aspects, noted the brokerage firm.
Jefferies
Jefferies also maintained its buy recommendation on the stock with a price target of Rs 2,950. They highlighted the incorporation of the next generation into the RIL Board and Jio's plan for a pan-India Fixed Wireless Access (FWA) launch in September 2023. Jefferies also noted the company's entry into wind energy as a positive for the company.
Nomura
Nomura also noted the company's progress in the retail business and the inclusion of the third generation into the board. It acknowledged the focus on digital services, enterprise solutions, and AI, and highlighted the transition of refineries and the planned insurance entry. The brokerage has a buy rating on Reliance Industries with a price target of Rs 2,925.
Citi
Citi, however, remains neutral on Reliance with a price target of Rs 2,750. The firm said in its note that more stake sales are likely in the retail business and that exploration efforts will be enhanced for the oil and gas division.
Shares of Reliance Industries are trading 0.4 percent lower at Rs 2,433.60. The stock ended a percent lower on Monday amidst the AGM.
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