RIL AGM, SC verdict on Adani, global cues among top factors to drive D-Street action this week
Jerome Powell could prompt investors to continue booking profits.
The week ahead is also eventful for Dalal Street investors from a corporate standpoint.
Mukesh Ambani the Chairman of Reliance Industries will address the shareholders at the company’s 46th annual general meeting on Monday, which will be closely tracked by investors.
The next big event for the market is the Supreme Court’s hearing on Tuesday in the Adani-Hindenburg case.
Volatility is expected to be high in the market, according to experts, given weak global sentiment and domestic events.
“Equity markets are expected to remain volatile due to weakness in the external environment,” said Hemant Kanawala, senior EVP and head — equity, Kotak Mahindra Life Insurance Co.
While corporate earnings of Indian companies are showing strong growth, valuations aren’t cheap, and there is limited room for them to expand, Kanawala said, adding that investors are likely to get returns in line with earnings growth till the end of the year.
RIL AGM
In the last few years, some of the big bang announcements from Ambani have usually come at the AGM.
Therefore, this event has taken center stage on Dalal Street.
With Jio Financial listing done and a fresh stake sale in Reliance Retail announced, the Street is eager to know if Ambani has more goodies to shell out.
With valuations of Reliance Retail doubling in 3 years, there is increasing expectation that Ambani will throw some colour on the IPO of Reliance Retail at the AGM.
On the telecom front, investors are awaiting the launch of the fixed wireless access device — Jio Airfiber, and reports suggest that the unveiling is likely to be in the festive quarter.
Adani-Hindenburg Saga
The Supreme Court, which had last time given 15 more
