Reliance Industries shares settle over one percent lower after 46th AGM

Following Reliance Industries' (RIL) 46th annual general meeting (AGM), the stock closed 1.27 percent lower at Rs 2,436.95 apiece on the NSE in Monday's volatile trade.

Earlier in the day, the stock was trading with minor gains at Rs 2,470.4 apiece on the NSE. The shares snapped a two-day losing streak and touched an intra-day high and low of Rs 2,484 and Rs 2,463 apiece, respectively. The shares have gained in four out of the last 10 trading sessions.

"Absence of any announcements regarding the IPOs of Reliance Retail and Telecom dragged the RIL stock down. But indications about the green energy business are positive. Volatility in the stock price on the AGM day is normal for RIL. Announcements regarding value unlocking through IPOs of retail and telecom businesses can come any time," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In its annual general meeting of shareholders, scheduled later today, the oil-to-telecom conglomerate is expected to make a slew of announcements, which could range from updates on telco and retail business IPO timelines, 5G rollout to investment in clean energy, at the firm’s 46th AGM next week.

Foreign brokerage firm CLSA has maintained a buy rating on RIL with a target price of Rs 3,060 per share. The scale-up targets are maintained, and investment can double if viable, according to the brokerage.

The brokerage firm noted that last year, Reliance saw three more acquisitions worth $50 million to add to the new energy capabilities.