Reliance Industries shares volatile as all eyes on 46th AGM; experts positive on the stock

livemint.com:

Reliance Industries (RIL) traded volatile in the morning trade on BSE on Tuesday, August 22 as investors fix their eyes on the company's 46th Annual General Meeting (AGM) on Monday, August 28 at 2:00 pm. The stock opened flat at ₹2,518.25 and dipped nearly by a per cent before reversing losses and rising 0.8 per cent in early trade. Around 10:40 am, the stock was up 0.33 per cent at ₹2,526.60 on BSE.

After the company spun off its financial business and listed Jio Financial Services on bourses, investors are expecting some announcements on the company's retail and telecom business in the AGM. Jio Financial Services Limited (JFSL), formerly known as Reliance Strategic Investments Limited, the demerged financial arm of Reliance Industries, made its stock market debut on August 21. Read more: Reliance Industries AGM to take place on 28 August Experts are positive about the stock even though it has underperformed the equity benchmark Sensex in the last one year.

RIL shares are up about 6 per cent in the last one year while the Sensex has gained 11 per cent in the same period. Brokerage firm JM Financial, which has a buy call on the stock with a target price of ₹2,900, believes the company's net debt concerns are overdone. It said RIL has industry-leading capabilities across businesses to drive a robust 14-15 per cent EPS (earnings per share) CAGR over the next three-five years.