Mukesh Ambani-Backed Reliance Industries Trades Flat Ahead Of Its 45th Annual General Meeting

Shares of billionaire Mukesh Ambani-backed Reliance Industries were trading on a flat note ahead of its 45th Annuual General Meeting (AGM) due later in the day. Reliance Industries shares rose as much as 1 per cent to hit an intraday high of Rs 2,627 after falling as much as 1.86 per cent to hit an intraday low of Rs 2,570. Reliance Industries stock over 2 per cent from an intraday low, data from BSE showed. (Also Read: What To Expect From Mukesh Amabni's Speech)

Reliance Industries stock has so far surged 22 per cent from its 44th Annual General Meeting held on June 24, 2021.

At its last AGM, Ambani had announced its ambitious plan to foray into new energy business and also announced launch of JioPhione Next.

Market participants expect Ambani to lay out future plan for the company while some expect that he will take this opportunity to announce value unlocking plans for Reliance Jio and Reliance Retail at the same time Ambani is also likely to announce the succession plan for the country's most profitable and valuable company.

The company is expected to announce a timeline for the launch of its 5G services in India. Reliance Jio was the highest bidder in the 5G Spectrum auctions held during the first week of August. It spent Rs 88,000 crore, nearly half of the total Rs 1.5 trillion paid by all the bidders.

Ambani is also expected to launch a 5G phone. A 5G phone with a price of around Rs 12,000, developed with the help of Google, might be released at the AGM, the report added.

Global brokerage firm JP Morgan in a note said that it expects the company to provide a timeline for its retail and telecom businesses' initial public offerings (IPOs). The company operates two units, Reliance Retail Ventures and Jio Platforms, for the two sectors.

As of 11:11 am, Reliance Industries shares were trading 0.2 per cent higher at Rs 2,523, outperforming the Sensex which was down 1.5 per cent.