RIL shares close flat ahead of 47th AGM amid muted expectations

The AGM, which will begin at 2pm on Thursday, is expected to outline the company’s new business initiatives and strategic plans for the upcoming year.

Market observers are widely expecting RIL to declare timelines for the much-awaited initial public offerings (IPOs) of Reliance Retail Ltd and Jio Platforms Ltd.

The RIL management had announced plans to list both businesses within five years during its 2019 AGM.

The upcoming meeting is also expected to provide a roadmap for its new energy businesses. This is likely to include the timelines for setting up the battery giga factory that was earlier declared to be set by 2026.

Reliance Industries is targeting to achieve 100 GW of renewable energy by 2030. It has already announced nearly $10 billion of investment into its new energy business.

RIL shares remain in focus

The RIL stock closed at ₹2,996 apiece, up 0.1%, on the NSE . The share price has remained almost unchanged in the past five trading sessions and is down over 1% in the past one month. Year-to-date, RIL shares are up 16%.

Interestingly, the sentiment is muted as RIL shares have declined on the day of AGM for the past four consecutive years. In 2023, the stock had closed 1.1% lower after its 46th AGM. Before that, it closed lower by 0.8% on the day of its 45th AGM in 2022, 2.34% on the day of its 44th AGM in 2021 and 3.7% on the date of its 43rd AGM in 2020.

At its previous AGM held on August 28, 2023, RIL had made a slew of key announcements including the appointment of its next generation leaders - Isha, Akash and Anant Ambani - as members of the RIL board, the plans to venture into the artificial intelligence (AI) space, along with plans to set up a battery gigafactory by 2026.