Reliance share price in focus. Should you buy after the Reliance AGM 2023? Here's what experts say
Reliance Industries (RIL) share price traded lacklustre in early trade on BSE on Tuesday, a day after the company held its 46th Annual General Meeting (AGM) to present the business blueprint for the next decade. The stock opened at ₹2,447 against the previous close of ₹2,442.55 but slipped over half a per cent to ₹2,424 soon. The stock traded 0.40 per cent lower at ₹2,432.75 around 9:20 am.
In his AGM speech, the Chairman and Managing Director of Reliance Industries revealed the company's plan to expand the business in technology, retail and financial space. The AGM also revealed RIL's focus on creating a stable succession roadmap for itself. RIL Board recommended the appointment of Isha Ambani, Akash Ambani and Anant Ambani to the Board of Directors.
"I shall especially mentor them. I shall perform duties as Chairman and Managing Director of Reliance Industries for 5 more years," said Mukesh Ambani. Read more: Reliance AGM 2023 Highlights: Shall perform duties as CMD of Reliance Industries for 5 more years: Mukesh Ambani In the previous session, the stock fell 1.11 per cent to ₹2,442.55 on BSE after the company's AGM.
Analysts attributed the fall in the stock price to the absence of announcements regarding the IPOs of Reliance Retail and Jio. "The AGM held by Reliance was largely uneventful for the market. The key highlight was the succession plan.
However, the company's stock experienced a decline due to the absence of clear timelines regarding the telecom and retail IPOs," said Santosh Meena, Head of Research, Swastika Investmart. The stock is now up just about 3 per cent in the last one year against a 12 per cent gain in the equity benchmark Sensex. RIL shares hit their 52-week high of ₹2,635.17 on July 19, 2023, on
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