Reliance Industries AGM: Top 5 things to expect from Mukesh Ambani led company
Consumers and investors are eagerly waiting for the launch of JioFiber, the broadband business of telecom subsidiary, Reliance Jio Infocomm. Last year, the AGM launched JioPhone, Reliance Jios feature phone, which was made available for a refundable deposit of Rs 1,500. This year also all eyes will be on Mukess Ambani.
Reliance Industries Ltd (RIL) is expected to make some major announcements today. The highlight will be Chairman Mukesh Ambani's address of the 41st Annual General Meeting, which is scheduled to be held at Birla Matushri Sabhagar in Mumbai. Notably, RIL is providing to its members a facility to exercise their right to vote on resolutions proposed to be passed at the AGM by electronic means ("e-voting"), said a company statement. Here are top five new proposals that may be announced today.
1. The RIL's meeting is slated to discuss a slew of proposals from Reliance Jio broadband, RIL's consumer business to extension of Ambani's tenure will be discussed.
2. Consumers and investors are eagerly waiting for the launch of JioFiber, the broadband business of telecom subsidiary, Reliance Jio Infocomm. Last year, the AGM launched JioPhone, Reliance Jio's feature phone, which was made available for a refundable deposit of Rs 1,500. This year also all eyes will be on Mukess Ambani.
3. According to reports, RIL is likely to foray into broadband market with the launch of JioFiber FTTH, which is already being tested. JioFiber connectivity comes directly to homes unlike in cases where the fiber reaches only till the building. The JioFiber will bring broadband connectivity right till the consumers' house. Broadband services from Reliance Jio will offer an internet speed of 100 Mbps.
4. Another massive announcement is about e-retail. According to brokerage house CLSA, if Reliance Industries reveals its e-commerce plans, it could lead to a re-rating of the stock.
5. Mukesh Ambani has a penchant for pulling surprises and investors and the lay public would be looking forward to more announcements about freebies to kick-start new projects.
Reliance Industries had last week announced that it will acquire American firm Radisys, which provides open telecom solutions to service providers worldwide, at US$1.72 per share in cash.
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Meanwhile, RIL shares ended 2.03 per cent higher on the NSE, and 1.90 per cent higher on the BSE.
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