Reliance shares, controlled by Mukesh Ambani, were trading flat on Wednesday, August 28, ahead of its 47th annual general meeting (AGM) scheduled for August 29. The AGM, starting at 2 PM on Thursday, is expected to reveal the company’s new business plans and strategies for the coming year.
The market participants are anticipating that RIL will announce timelines for the initial public offerings (IPOs) of Reliance Retail Ltd and Jio Platforms Ltd, which were first mentioned at the 2019 AGM with a five-year timeline for listing.
Additionally, the meeting is expected to focus on the company’s new energy initiatives, including the establishment of a battery giga factory by 2026. Reliance Industries is aiming to reach 100 GW of renewable energy by 2030, supported by a planned $10 billion investment in its new energy ventures.
RIL’s share price closed at ₹2,996 on the NSE, a slight increase of 0.1%. The stock has seen little change over the past week and has dropped by over 1% in the last month. However, year-to-date, the shares are up by 16%.
Interestingly, RIL shares have historically dropped on the day of its AGM for the past four years. The most recent drop was 1.1% after the 46th AGM in 2023.