Mukesh Ambani-led Reliance Industries to announce Q4 results, consider dividend on April 22
Jio Financial Services and BlackRock join hands for wealth management, broking business If approved by the board, the conglomerate will announce its second dividend for the financial year 2023-2024. In the June quarter, the Mukesh Ambani-owned company announced a dividend of ₹9, making it the first of the fiscal year.
The previous dividend, ₹8 per share, was declared in May 2022, preceding nearly a year without dividends until the one paid in July last year. Earlier today, brokerage firm Axis Securities Ltd initiated coverage on Reliance Industries Ltd with a "buy" rating, elevating its target price by 20 percent to ₹3,514 per share.
This adjustment is attributed to robust earnings growth, positive cash flows, and an expanding return on invested capital. Also read: Elon Musk's Tesla lays off 14,000 global positions amid slowdown in EV demand: 'This will enable us...' The brokerage holds a positive outlook on Reliance Retail Ltd, emphasizing its robust revenue/EBITDA, expanding digital footprint, and advancements in the packaged consumer goods division.
Additionally, it anticipates Reliance Jio's telecom unit to attract more subscribers, increase average revenue per user (ARPU) through organic growth and acquisitions, and capitalize on its wireless broadband service, JioAirFiber. The firm further emphasized Reliance Retail's substantial increase in market share within organized retail, attributing it to a strong expansion of its network and impressive growth rates.
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