One of India’s largest conglomerate Reliance announced stellar Quarter 1 results yesterday followed by a mindblowing 40th Reliance AGM which started at 11 am today.
The RRelianceIndustries has announced key decisions which will shape the future of Reliance and decide the fate of its shareholder’s wealth. Here are the top highlights from the Reliance roadmap which you must not lose sight of.
Reliance to acquire Balaji Telefims
Reliance announced an investment of ₹413.28 crore, which will envisage a total acquisition of 2.52 crore equity shares at a price of ₹164 each. The acquisition will be done on preferential basis.
Reliance Industries at 50 will certainly become one of the top 50 companies in the world, says Chairman Mukesh Ambani.
Reliance Industries announced a 1:1 bonus issue. This means that one share will be issued to shareholders for every one share held by the shareholder.
Jio 4G Feature Phones
Reliance launched Jio 4G Feature Phones. The Jio phones will be priced at an effective price of Rs 0. Customers will be asked for security deposit Rs 1500, which will be refunded after 3 years, Ambani said. These phones will make 2G feature phones obsolete.
From last quarter of 2017, all JioPhones to be made in India says RIL chairman Mukesh Ambani. “We are targeting to have 5 million JioPhones a week,” he adds.
Pre-bookings for Jio Phone will start from August 24. Jio will offer internet services at the cost of Rs 153 per month against the entire industry charging Rs 4000-5000, Ambani said.
Shareholder’s wealth appreciates
The stock is currently trading at Rs 1576, 3% higher than the yesterday’s closing price Rs 1528. The scrip made a fresh 52-week high as it touched Rs 1588 today.
On the announcement of new phones, stocks of other Telecom companies tanked down by huge margins. Bharti Airtel tanked down by 3% while Idea Cellular tanked down by 5% to trade at Rs 90.35.