RIL stock ends down 2.4% as Mukesh Ambani unveils mega plans in 44th AGM

Photo: Shutterstock
Shares of Reliance Industries (RIL) ended 2.3 per cent lower at Rs 2,153.50 on BSE on Thursday in otherwise strong market. The Mukesh Ambani-controlled company held its 44th annual general meeting (AGM) on Thursday. The stock of the country’s most valuable company hit high of Rs 2,214.80 and low of Rs 2,140 in intra-day trade. In comparison, the S&P BSE Sensex ended 0.75 per cent higher at 52,699 levels.

The stock has now dipped for the third day in a row, falling around 4 per cent during this period and wiping off nearly Rs 53,000 crore in market capitalisation.

AGM of RIL began with the speech of chairman Mukesh Ambani amid expectations that the company may spell out its plans for the oil-to-chemical (O2C) telecom, digital and retailing verticals. CLICK HERE FOR FULL DETAILS

Investment plans

Mukesh Ambani on Thursday announced a Rs 75,000 crore investment in setting up four 'Giga' factories to make solar photovoltaic cells, green hydrogen, batteries and fuel cells over the next three years. Addressing the company's annual shareholder meeting, he said Reliance will set up 100 GW of solar power generating capacity.

"We plan to build four Giga Factories to manufacture and integrate all critical components of new energy ecosystem solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory," Ambani said.

These four factories will involve an investment of Rs 60,000 crore. READ ABOUT IT HERE

Ambani also announced plans to launch JioPhone Next, a fully featured smartphone, that is developed in partnership with Google. The launch is scheduled for September 10,2021. 

"JioPhone Next is one of the most affordable smartphones globally, which has cutting-edge technology," Ambani said.

Speaking about the new smartphone, Google chief Sundar Pichai said that it is built for India and will open up new possibilities for millions of new users who will experience the internet for the first time.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel