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PremiumReliance AGM 2024 Live Updates: Oil-to-telecom conglomerate Reliance Industries Ltd is conducting its 47th annual general meeting today. Reliance AGM 2024 date is set on August 29, 2024, and began at 2:00 PM today. Reliance Industries Chairman Mukesh Ambani is addressing 3.5 million shareholders and is expected to announce a timeline for listing Reliance Retail IPO and Reliance Jio IPO. Any updates on the potential public listings of Reliance's digital and retail units and the progress of new energy projects will also be in focus during Mukesh Ambani's speech at Reliance AGM 2024. Stay tuned to our Reliance AGM 2024 live blog for the latest updates.
Reliance AGM 2024 Live: “We added over 1.7 lakh new jobs last year. If we include both traditional and newer engagement models of employment, our headcount is nearly 6.5 lakh today. Among all of Reliance's record achievements so far, this one will always hold a special place in my heart, because employment creation for India's talented youth has to be our top national priority," Ambani said.
Reliance AGM 2024 Live: “We welcomed over 43 million new subscribers to our broadband service. Our revenue surpassed the ₹1,00,000 crore ($12.0 billion) mark, while our net profit exceeded ₹20,000 crore ($2.4 billion). Our EBITDAmargin reached 50.1%, boosted by customer growth and operating leverage," he said.
Reliance AGM 2024 Live: Here's what Isha Ambani said on Reliance Retails' financial performance for the quarter -
Reliance AGM 2024 Live: "This robust performance was made possible through several key actions. First, we maintained our sharp focus on operational excellence. Our manufacturing assets operated at their maximum capacities, with our gasification units contributing significantly through stable operations and higher throughput...," said Mukesh Ambani
Reliance AGM 2024 Live: “We are rapidly expanding our investments in bioenergy, aiming to operate 55 Compressed Biogas (CBG) plants by 2025. We've also launched an energy plantation pilot on 1,000 acres of arid wasteland to establish a pioneering integrated CBG plant. By the end of this year, we will begin producing our own solar photovoltaic (PV) modules. Additionally, we have fully integrated and localized HJT technology from our wholly owned subsidiary, REC Singapore, to develop first-generation bifacial solar panels with cell efficiency exceeding 26%," Mukesh Ambani said.
Reliance AGM 2024 Live: Reliance Group is well on track to more than double in size before the end of this decade and grow faster in the decades ahead, says Chairman Mukesh Ambani.
Reliance AGM 2024 Live: Jio and Retail are expected to double their revenues and EBITDA in the next 3-4 years. Our New Energy business will be the new jewel in Reliance’s crown. I foresee it becoming as big and profitable over the next 5-7 years, as our O2C business which we had built over the past 40 years. And I am confident that Green fuels and AI-based solutions will become long-term growth engines for Reliance, says Chairman Mukesh Ambani.
Reliance AGM 2024 Live: We now plan to take Swadesh global. Apart from setting up stores in India, we now plan to take Swadesh global with presence in the US and Europe as well, says Nita Ambani.
Reliance AGM 2024 Live: Reliance Industries share price ended 1.51% higher at ₹3,040.85 apiece on the BSE on Thursday after the announcement of bonus issue. RIL Chairman Mukesh Ambani also made a slew of announcements during his speech at AGM 2024.
Reliance AGM 2024 Live: Jamnagar is the Energy Capital of the World. I am proud to say that by 2025, Jamnagar will also become the cradle of our New Energy business. The Dhirubhai Ambani Green Energy Giga Manufacturing Complex will be the world’s largest, most modern, modular, and integrated ecosystem at a single location. We are on track to fully commit and invest up to ₹75,000 crore to establish this manufacturing ecosystem, extensively enabled by all emerging technologies including AI, IoT, Machine Learning, and Robotics, says Chairman Mukesh Ambani.
Reliance AGM 2024 Live: Deepak Shenoy, CEO of Capitalmind questions the rise in Reliance share price after the announcement of bonus issue. He believes bonus issues of shares do not add value to the stocks.
“We own RIL and all. But why are stocks rallying on a bonus issue announcement? It does nothing to add value to a stock :)" Shenoy said in a post on X.
Reliance AGM 2024 Live: We believe that our New Energy business will be truly unique — delivering cash flows that are less cyclical and more predictable. I am confident that in the next 5 to 7 years, our New Energy growth engine can aim to deliver an earning capacity, like what our existing O2C business earns and what it has achieved over the last four decades, says Chairman Mukesh Ambani.
Reliance AGM 2024 Live: Reliance will commence the production of its own solar photo voltaic (PV) modules by the end of this year, said Chairman Mukesh Ambani.
“In the following quarters, we will complete the first phase of our integrated solar production facilities. This includes modules, cells, glass, wafer, ingot, and polysilicon, with an initial annual capacity of 10 GW," Ambani added.
Reliance AGM 2024 Live: Reliance has began construction of an integrated advanced chemistry-based battery manufacturing facility with a 30 GWh annual capacity at Jamnagar. Production will commence by the second half of next year, said RIL Chairman Mukesh Ambani.
Reliance AGM 2024 Live: Reliance will also develop the world’s largest bio-energy deep tech R&D centre at Jamnagar, announces CMD Mukesh Ambani.
Reliance AGM 2024 Live: Reliance to build India's first world-class integrated Carbon Fibre plant at Hazira, which will rank among the top three units globally, announces CMD Mukesh Ambani.
Reliance AGM 2024 Live: In Polymers, Reliance produced new grades for plastic fuel tanks, making them safer and lighter, leading to lower fuel consumption in vehicles. In Chemicals, we commissioned a new column to enhance our capacity of Ethylene Oxide by 45,000 tonnes per annum, increasing our capacity by 15% and increasing profitability. In Polyesters, we integrated polyester capacities through strategic acquisitions. Reliance is now the largest producer of specialty fibres in India, with applications in mobility, home furnishings, and industrial uses, said CMD Mukesh Ambani.
Reliance O2C business achieved revenues of ₹5,64,749 crore and an EBITDA of ₹62,393 crore last year. This robust performance was made possible through several key actions, said CMD Mukesh Ambani.
Reliance AGM 2024 Live: In Beauty, Reliance Retail is building its presence through an omni-channel strategy across multiple formats, like Tira, Sephora, Kiko Milano, and Blushlace, said Isha Ambani.
“We are also enhancing our beauty and personal care offerings across our existing formats—grocery, fashion, and pharma—both online and offline. Our investment in Insight Cosmetics is enabling us to create our own brand portfolio," Isha Ambani added.
Reliance Retail reported gross revenue of ₹3,06,848 crore, registering a growth of 17.8%. Reliance Retail registered an EBITDA of ₹23,082 crore, up 28.4% YoY and net profit of ₹11,101 crore, up 21% YoY. At 8.5%, the EBITDA margin continued to show improvements and grew 70 bps YoY. Reliance Retail stores witnessed over a billion footfalls, and had more than 1.25 billion transactions across channels, says Isha Ambani
Reliance AGM 2024 Live: Reliance Retail is now among the Top-5 global retailers in terms of number of stores, among the Top-10 retailers in terms of market capitalisation, among the Top-20 retailers in terms of number of employees, and among the Top-30 retailers in terms of revenues, says CMD Mukesh Ambani.
Reliance AGM 2024 Live: Media and Entertainment business recorded ₹10,000 crore revenue with industry-leading growth of 49%, says CMD Mukesh Ambani.
Reliance AGM 2024 Live: JioTV+ brings all your entertainment—live TV, on-demand shows, and apps—together in one easy-to-use platform. With JioTV+, you get access to over 860 live TV channels, with all leading channels in stunning High Definition, plus the best content from apps like Amazon Prime Video, Disney+, and Hotstar—all in one place, says Akash Ambani
Reliance AGM 2024 Live: To introduce Jio TvOS, our 100% home-grown operating system for Jio Set Top Box. Jio TvOS supports cutting-edge home entertainment features like Ultra HD 4K video, Dolby Vision, and Dolby Atmos, says Kiran Thomas, President, Reliance Jio.
Reliance AGM 2024 Live: RIL CMD Mukesh Ambani announces the Jio AI-Cloud Welcome offer.
Jio users will get up to 100 GB of free cloud storage, to securely store and access all their photos, videos, documents, all other digital content, and data. And we will also have the most affordable prices in the market for those needing even higher storage. We plan to launch the Jio AI-Cloud Welcome offer starting Diwali this year, bringing a powerful and affordable solution where cloud data storage and data-powered AI services are available to everyone everywhere, Ambani said.
Reliance AGM 2024 Live: We are laying the groundwork for a truly national AI infrastructure. We plan to establish gigawatt-scale AI-ready data centres in Jamnagar, powered entirely by Reliance’s green energy, reflecting our commitment to sustainability and a greener future. Our goal is to create the world’s lowest AI inferencing cost, right here in India. This will make AI applications in India more affordable than anywhere else, making AI accessible to all: Mukesh Ambani
Reliance AGM 2024 Live: Today, Jio stands as a true deep-tech innovator. At the core of our success is our fully homegrown 5G stack. Our Operations Support Systems (OSS) and Business Support Systems (BSS) are also fully homegrown, said CMD Mukesh Ambani
Reliance AGM 2024 Live: This past year, we completed the pan-India rollout of Jio True 5G, the world’s largest and fastest 5G deployment. Over 85% of the 5G radio cells operating in India belong to Jio. Jio has transformed India from 5G-dark to 5G-bright, creating one of the world’s most advanced 5G networks. In just two years, over 130 million customers have embraced Jio True 5G: Mukesh Ambani
Reliance AGM 2024 Live: Today, Jio’s network carries nearly 8% of global mobile traffic. In eight years, Jio has grown to become the world’s largest mobile data company. Today, Jio is a 490-million-strong family. Each Jio customer, on average, uses over 30 GB of data monthly, driving a 33% growth in our data traffic over the past year, says Mukesh Ambani.
Reliance AGM 2024 Live: With our strategic adoption of Deep-Tech and Advance Manufacturing, I can clearly see Reliance earning a place in the Top-30 League in the near future, says RIL CMD Mukesh Ambani
Reliance AGM 2024 Live: Reliance spent over ₹3,643 crore (US$ 437 million) in FY24 towards R&D, taking our spend on research to over ₹11,000 crore (US$ 1.5 billion) in the last four years alone, says Reliance Chairman Mukesh Ambani
Reliance AGM 2024 Live: We are not in the business of pursuing short-term profit and hoarding wealth. We are in the business of creating wealth for India and enhancing the quality of life of every Indian, every single day, says Reliance Chairman Mukesh Ambani
Reliance AGM 2024 Live: In these uncertain times, there is one absolute certainty. And that certainty is the continued Rise of New India as it marches confidently towards the goal of Viksit Bharat in Amrit Kaal. Among its peers globally, India has unmatched demographics and relatively lighter debt burdens with fast growth. Today, India is one of the biggest growth engines, and not just a carriage in the global economic train, says Reliance CMD Mukesh Ambani.
Reliance AGM 2024 Live: Reliance Industries Chairman Mukesh Ambani begins his address to shareholders at the RIL AGM 2024
Reliance AGM 2024 Live: Watch Reliance Industries 47th Annual General Meeting (AGM) 2024 Live with Mint here:
Reliance AGM 2024 Live: The meeting of the Board of Directors of the Reliance Industries is scheduled to be held on Thursday, September 5, 2024 to consider the issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalization of reserves.
Reliance AGM 2024 Live: Reliance Industries’ Petchem margin continues to be weak driven by huge capacity addition, particularly in China, amidst muted growth in global petchem demand. However, RIL’s petchem margin and volume has been relatively better due to optimised feed mix and robust domestic demand. Further, refining margin is likely to continue to be robust on steady global oil demand growth led by Asia; and RIL has been able to continue to maximise margin with feedstock sourcing advantage (from Russia, Venezuela etc.), yield optimisation and superior product placement, analysts said.
Reliance AGM 2024 Live: Reliance Industries has reiterated its target to become Net Carbon Zero by 2035 and become the world’s leading O2C, New Energy and New Materials company with a sustainable and circular business mode. Three pillars of its Net Carbon Zero Strategy are making CO2 a recyclable resource, developing low-carbon alternatives and leading the clean energy transition.
RIL highlighted its key strength is its full integration across the New Energy value chain – i.e., converting photons to green electrons and further to green molecules leading to reduction of carbon footprint; it targets not only to make clean energy available, but also to make it accessible and affordable, thereby ensuring energy self-sufficiency for India.
Reliance AGM 2024 Live: According to JM Financial, the key expectations from Reliance AGM are around any update on:
a) potential timeline for listing of Retail and Digital businesses; any potential strategic stake sale in O2C business
b) update on progress of various projects underway in New Energy business with timelines around project commissioning and potential earning potential from this projects
c) any update on 5G monetisation plans
d) any further update around succession plans
Reliance AGM 2024 Live: In its FY24 annual report, Reliance Industries re-emphasised its New Energy business roadmap and reported rapid progress in setting up of 5 Giga factories to achieve Net Carbon Zero by 2035.
On the O2C business, RIL highlighted that petchem margin weakness continues on huge capacity addition amidst muted demand; however, refining margin remains robust on steady global oil demand growth.
On the Digital business, RIL restated that rollout of its 5G services panIndia via standalone architecture gives it an edge over peers. Digital business capex was at ₹574 billion in FY24 taking cumulative investment to $86 billion.
Retail business capex normalised to ₹245 billion in FY24. The company also restated its focus on expanding consumer brands and strengthening Digital/New Commerce capabilities.
Reliance AGM 2024 Live: In a positive development for Mukesh Ambani-led Reliance Industries ahead of its AGM, the Competition Commission of India (CCI) on August 28 approved the proposed merger between Disney Star, the local unit of The Walt Disney Company, and Reliance Industries-controlled Viacom18, with some voluntary modifications. This approval, the most crucial for a merger of this size, will pave the way for the largest deal in India’s media and entertainment sector, creating an $8.5-billion entertainment network.
Reliance AGM 2024 Live: Reliance Industries Ltd reported a 5.4% year-on-year decline in its net profit to ₹15,138 crore in the first quarter of FY25. The company’s revenue from operations increased by over 11% to ₹2.36 lakh crore. EBITDA rose by 2% year-on-year (YoY) to ₹42,748 crore, led by strong contribution from Oil & Gas and consumer business offset weak O2C.
Reliance AGM 2024 Live: Dalal Street analysts will focus on Reliance Industries' succession plans. At Reliance AGM 2022, Chairman Mukesh Ambani revealed a succession blueprint with daughter Isha Ambani leading the Reliance Retail business, sons Akash Ambani leading Reliance Jio, and Anant Ambani overseeing the Reliance Energy business.
Reliance AGM 2024 Live: Markets always eye big hopes from Mukesh Ambani as we have seen historically known for making big announcements at Reliance AGM. High focus on a clear blueprint value unlocking from the Jio IPO along with Retail IPO demerger and followed by a concrete roadmap on the progress of new energy projects will also be in focus during the AGM. On the oil and chemical segment markets are also expecting updates on stake sale prospects, said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
If we see Reliance share price performance pre and post AGM in the last 3 years, based on high hopes pre AGM moves are always positive like the way we are witnessing it from the last 15 days while post AGM historically we have seen negative trends due to fall in hopes. Overall, we expect no big bang price action announcement from the AGM due today.
Technically, Reliance stock is trading on a neutral make or break level, any close above ₹3,060 we can see price rising towards ₹3,100 and any close below ₹2,990 we can see breakdown towards ₹2,930 levels. We are on wait and watch strategy, Mehta added.
Reliance AGM 2024 Live: Reliance share price was trading flat with a positive bias on Thursday ahead of the AGM today. Reliance shares were up 0.33% at ₹3,005.70 apiece on the BSE. RIL stock price has gained over 16% year-to-date (YTD) and more than 24% in the past one year.
Reliance AGM 2024 Live: RIL Chairman Mukesh Ambani has a history of making big announcements at Reliance AGM. So, the market expects some concrete blueprint from Reliance AGM on the timeline for listing Reliance Jio IPO and Reliance Retail IPO. So, the market is expecting much more than the mere announcement of the demerger of Reliance Jio and Reliance Retail business from RIL, said Avinash Gorakshkar, Head of Research at Profitmart Securities.
Reliance AGM 2024 Live: Reliance Industries Chairman Mukesh Ambani will address 3.5 million shareholders at the Reliance AGM today. Ambani is expected to announce a timeline for listing Reliance Retail IPO and Reliance Jio IPO. Market participants will also keep an eye on any cues from Amban’s speech at AGM on potential public listings of Reliance’s digital unit and updates on the progress of new energy projects.
Reliance AGM 2024 Live: Oil-to-telecom conglomerate Reliance Industries Ltd is set to conduct its 47th annual general meeting today. Reliance AGM 2024 date is set on August 29, 2024, and will begin at 2:00 PM today.
