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Reliance Industries stock nosedives after AGM – Indiainfoline

Index heavyweight Reliance Industries (RIL) was under selling pressure on Friday after the company’s chairman and MD Mukesh Ambani presented its 44th annual general meeting.

In the early deals, RIL stock has nosedived by at least 3.3% with an intraday low of Rs2081.15 per piece on Sensex.

At around 11.05 AM, RIL was trading at Rs2103 per piece down by Rs50.35 or 2.34% on Sensex.

The Chairman said that RIL’s business and financial success since the last AGM has exceeded expectations. Adding He said, “But what has given me far greater happiness than our business performance is RIL’s humanitarian efforts during these exceedingly difficult times. Throughout the COVID crisis, our Reliance Family has risen to the occasion with a sense of purpose and national duty. I am sure our efforts of the last year would have made our Founding Chairman, Dhirubhai Ambani, proud.”

Major key announcements were made in O2C, energy, telecom and retail business.

Ambani makes it official and welcomed Saudi Aramco as a strategic partner for the O2C business. He said, “As an important of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner for our OC2 business.”

Ambani expects the partnership with Aramco to be formalized expeditiously during this year.

Furthermore, Ambani welcomed Aramco’s Chairman on the company’s board. He said, “I am delighted and privileged to welcome his excellence, Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of PIF to join the board of Reliance Industries as Independent Director.

On E&P business, Ambani said, “BP and Reliance commenced production in KGD6 basin. Our joint venture brought two of the three toughest deepwater gas projects to production. This has been accomplished in a record time and has set a new global benchmark for capital cost.” He added, “We are now on course to bring the third deepwater MG field on stream in the last quarter of 2022,” he said, “together we will produce 30 million cubic meters per day of gas by 2023. This will establish Reliance again as one of the largest domestic producers of gas in India meeting 20% of India’s gas demand.”

On Retail business, Ambani said, “Reliance Retail continues to be amongst the fastest-growing retailers in the world. We are committed to grow our business so that we are among the top 10 retailers globally. I am confident that Reliance Retail is on a hyper-growth trajectory to grow at least 3x in the next 3-5 years.”

On 5G services, Ambani said, “To develop the end-to-end 5G ecosystem we are now working with leading global partners to develop a full range of 5G-capable devices. The Jio 5G technology is well positioned to create compelling applications for consumers and enterprises spanning Healthcare, Education, Entertainment, Retail and other key verticals of the economy.” He said, “We are developing with Reliance Foundation schools to use 5G to deliver immersive and interactive AR/ VR content to students and classrooms making the learning process a delightful, memorable and enriching experience.”

Also, Ambani announced that Google and JIO teams have jointly developed a truly breakthrough Smartphone, that we are calling JIOPHONE Next.