Key highlights of Reliance AGM, DLF to launch luxury projects, Bharat Forge wins order & more

NIFTY50: 19,306 ▲ 40 (+0.2%)
SENSEX: 64,996 ▲ 110 (+0.1%)

• Benchmark indices closed marginally higher, with NIFTY50 closing above 19.300
• In all, 32 of the NIFTY50 stocks closed in the green
• Brent Oil futures rose 0.5% intraday and were trading around $83 per dollar as China moved to support its economy.

Among the NIFTY sectoral indices, Realty (+0.9%) and Pharma (+0.9%) were the top gainers, while IT (-0.4%) and FMCG (-0.2%) were the top losers.

What’s trending

⭐ DLF to launch luxury housing project 

Realty major DLF said it will launch two luxury housing projects worth ₹15,000 crore in Gurugram during the second half of FY24 amid strong demand for premium homes. The company aims to achieve sales bookings of ₹13,000 crore in this fiscal year. In Q1FY24, the company reported a 12% rise in consolidated net profit at ₹527 crore, while its total income remained flat at ₹1,522 crore. Shares of DLF rose 1.4% today.

⭐ Bharat Forge rises after arm bags contract 

Shares of Bharat Forge rose 2.7% today after its subsidiary won a significant order. Kalyani Rafael Advanced Systems, a joint venture (JV) between Kalyani Strategic Systems (a wholly owned defence subsidiary of Bharat Forge) and Rafael Advanced Systems of Israel, has bagged an order worth ₹287.5 crore from the Indian Ministry of Defence for the supply of missile systems. The order is expected to be executed over the next 12 months.

⭐ Govt imposes export duty on rice exports 

On 25 August, the Indian government imposed a 20% export duty on parboiled rice. This comes after the ban on export of non-basmati white rice imposed on 20 July. Experts believe that the move is driven by fears of El Nino, which may reduce rainfall activity and strain rice supplies in the domestic market. Shares of rice exporters such as LT Foods (+2.0%) and KRBL (-1.5%) witnessed mixed reactions today.

⭐ Patel Engineering soars on order win

Shares of Patel Engineering were locked in the 5% upper circuit, after the company along with its JV received a letter of award for the Dibang multi-purpose project in Arunachal Pradesh. The total value of the contract is ₹3,637 crore, and being a 50% partner in the JV, the company’s share in the project is ₹1,818.5 crore. Patel Engineering operates in the hydropower generation and irrigation segments.

In Focus

Reliance Industries AGM: Key highlights

From the Jio AirFiber launch to future expansion plans for the recently listed Jio Financial Services, here is an overview of the major announcements at the 46th AGM of Reliance Industries today. 

Nationwide 5G coverage soon

Reliance Jio is on track to cover the entire country by December 2023. The Jio 5G rollout began in October 2022 and, in just nine months, 5G services are present in over 96% of the census towns across the country. 

Besides this, the company will launch Jio AirFiber services on 19 September. Jio AirFiber will deliver high-speed wireless home internet as the Jio Platform looks to make a dent to the broadband market.

Jio Financial set for a major expansion 

Jio Financial Services (JFS) will enter the insurance segment and will offer life, general and health insurance. For this, JFS will partner with global players to deliver insurance products digitally. Further, the company plans to integrate its payment infrastructure and explore blockchain-based and central bank digital currency (CBDC) products. 

Earlier, JFS has also announced a tie-up with US-based asset management company Blackrock to enter India’s $540 billion mutual fund industry. 

Energy business to be carbon neutral by 2035

The company said that it plans to set up an end-to-end solar gigafactory in Jamnagar to manufacture solar photovoltaic cells. It also plans to set up a battery gigafactory by 2026, and reiterated that it aims to become net carbon neutral by 2035. 

Campa Cola to go global 

Reliance Industries’ retail arm Reliance Retail Ventures Limited (RRVL) announced plans to take Campa Cola global through its launch in Asian and African markets. The company acquired the soft drink brand in August last year for ₹22 crore. 

Recently, Qatar Investment Authority invested $1 billion in Reliance Retail, which gave the company a market value of ₹8.28 lakh crore.   

As expected, the Reliance AGM was full of big announcements. Nonetheless, they failed to impress inventors as shares of Reliance Industries and Jio Financial Services were the top losers today, falling by 1.2% and 2%, respectively. 

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