RIL shares flat ahead of board meet; company likely to announce 1:1 bonus issue

2 min read | Updated on September 05, 2024, 16:13 IST

SUMMARY

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.

RIL market cap crossed the ₹21 lakh crore-mark on June 28

Shares of Reliance Industries (RIL) were on the investors' radar on Thursday, September 5, ahead of the scheduled board meeting to consider and approve the issue of 1:1 bonus shares to its shareholders.

The announcement that the company will consider the bonus issue was made 10 minutes before the company's 47th annual general meeting (AGM), held on August 29.

At 12:29 pm, the stock was trading 0.31% lower at ₹3,020.55 on the BSE.

As per reports, Reliance Industries (RIL) has given bonus shares five times in the past, beginning with a 3:5 bonus issue in 1980 and 6:10 in 1983. The last three bonus issues in 1997, 2009, and 2017 have been in the ratio of 1:1.

ALSO READ | RIL AGM 2024 Highlights

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.

ALSO READ | RIL single-largest contributor to national exchequer: Mukesh Ambani

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 per 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.

In a separate announcement, the Ministry of Heavy Industries announced on Wednesday, September 4, that Reliance Industries (RIL) has been granted approval to set up a battery manufacturing facility for up to 10 GW under the ₹3,620 crore production linked incentives (PLI) scheme for ACC Battery Storage.

This initiative is another step towards enhancing domestic manufacturing capacity, reducing import dependence, and positioning India as a global leader in ACC battery manufacturing, the ministry said in its press release. READ MORE

Reliance Industries Q3 gross revenue jumps 3.2% YoY, PAT rises 10.9% YoY

1 min read

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RIL shares flat ahead of board meet; company likely to announce 1:1 bonus issue

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