RIL AGM 2024: Conglomerate to consider bonus issue on September 5; stock rises over 2%

The announcement was made 10 minutes before the company's 47th annual general meeting (AGM). 

After the announcement, the stock was trading over 2% higher at₹3,062.85 on the BSE. 

Market participants will closely watch Reliance Industries' AGM on August 29, 2024, for updates on its ₹75,000 crore renewable energy investments, including project timelines and sustainability goals. Commentaries and timelines on IPOs of Reliance Retail and Jio Platforms are also eagerly awaited. 

RIL Q1FY25 results

Reliance Industries in July reported a 5% drop in its June quarter net profit as lower fuel cracks and petrochemical margins outdid gains in telecom and retail businesses.

The oil-to-retail-to-telecom conglomerate's consolidated net profit came in at ₹15,138 crore, or ₹22.37 per share, in April-June -- the first quarter of the current 2023-24 fiscal year -- compared to ₹16,011 crore, or ₹23.66 a share, earnings a year ago, according to a company's statement.

The net profit was also 20% lower quarter-on-quarter when compared to the record ₹18,951 crore earnings in the preceding three months ended March 31.

Besides lower transportation fuel cracks or margins, particularly that of petrol, which was down 30%, and reduced chemical margins, Reliance also had a higher outgo on depreciation costs, hurting profitability.

The firm helmed by billionaire Mukesh Ambani continued to post an uptick in consumer businesses in retail and telecom.