Reliance AGM 2023: RIL shares slip over 1%, Jio Financial Services ends flat

Reliance AGM 2023: Shares of Reliance Industries (RIL) ended 1.11 per cent lower at Rs 2,442.55 apiece on the BSE on Monday, August 28, 2023, after its 46th annual general meeting (AGM), which started at around 2 PM today. Jio Financial Services, on the other hand, ended flat with a negative bias at Rs 211.65 on the BSE, down 0.28 per cent on the BSE.

In his address at the AGM, Mukesh Ambani, the chairman of RIL, announced a succession plan for his energy-to-technology conglomerate, appointing his three children, Isha, Akash, and Anant, to the board of the company on Monday. Besides this, the company made an array of announcements. READ MORE

In his pre-AGM comment, Prashanth Tapse, Research Analyst Sr VP Research, Mehta Equities Ltd, had said that all eyes will be on Jio Financial's future outlook post-demerger and other high hopes on Future Retail IPO, Reliance Jio IPO, and the company's succession plans in the future.

"RIL has a lot of plans on cards for value unlocking, which started with Jio Financials, but initial reactions post-listing were not as high as street expectations. I believe Mukesh Ambani will be focusing more on the Jio Financial plan of action in the coming days, which will pave the road clear for further value unlocking of retail and Jio telecom ventures. Technically, RIL is under a short-buildup trend, so any close above Rs 2,500 can be a turning point for the stock, and AGM highlights will be highly watched. We are neutral, and investors should wait and watch for the AGM outcome before taking any action in RIL and Jio Financial," the expert adds.

Shares of Jio Financial Services, the demerged financial services arm of the Mukesh Ambani-led oil-to-telecom conglomerate, made a listless debut at the bourses on August 21. It listed at Rs 262 on the NSE and Rs 265 on the BSE against its discovered price of Rs 261.85. Soon after listing, the stock hit its lower circuit. The domestic stock exchanges, BSE and NSE, held a one-hour special 'pre-open' session on July 20 for RIL to discover the price of its demerged entity. READ MORE