Reliance Industries shares in focus ahead of March quarter results on April 22
Upstox
2 min read • Updated: April 16, 2024, 10:43 AM
Summary
The board will also consider a proposal to recommend dividend payout to shareholders for the financial year 2023-24. This would be the second dividend payout to shareholders by Reliance Industries for 2023-24. Earlier in August 2023, the oil-to-telecom-to-retail giant paid a dividend of ₹9 per share for 2023-24 fiscal.
Reliance Industries shares slipped on Tuesday, April 16, ahead of the company’s board meeting next week to consider dividend payment and quarterly results for quarter and financial year ending March 31, 2024.
Broader markets were also trading lower with benchmark NIFTY50 index losing 0.41% to 22,181.95 in the morning session.
Billionaire Mukesh Ambani-led Reliance Industries informed stock exchanges that the conglomerate will announce its financial results for the March quarter and 2023-24 fiscal on April 22.
“A meeting of the Board of Directors of the Company is scheduled to be held on Monday, April 22, 2024, to consider and approve the standalone and consolidated audited financial results of the Company for the quarter and year ended March 31, 2024,” RIL said in a filing to the stock exchanges.
The board will also consider a proposal to recommend dividend payout to shareholders for the financial year 2023-24.
Reliance Industries shares slipped to a low of ₹2,904 per share before training at ₹2,924.3, down 0.18%, on the NSE at 9.54 am.
This would be the second dividend payout to shareholders by Reliance Industries for 2023-24. Earlier in August 2023, the oil-to-telecom-to-retail giant paid a dividend of ₹9 per share for 2023-24 fiscal.
RIL had paid a dividend of ₹8 per share in August 2022 for FY23.
Meanwhile, a report suggested that the company may post robust earnings growth and positive cash flows.
The report also suggested that the telecom arm of RIL, Reliance Jio, which is a leading telecom service provider in India, is likely to attract more subscribers. The user addition would improve the average revenue per user (ARPU) through organic growth, a key performance metrics for telecom companies. Jio is also expected to capitalize on its wireless broadband service, JioAirFiber.
The retail segment under Reliance Retail has increased its market share, the report said. The retail division’s future growth is expected to be fueled by digital innovations, expansion in the FMCG sector and higher return on invested capital (RoIC), it added.