The shares of this Fortune 500 company gained up to 3 percent after the company’s board scheduled a meeting to consider and approve a 1:1 bonus issue.
With a market capitalization of Rs 20.66 lakh crore, the shares of Reliance Industries Limited were trading at Rs 3,065.65 per share, increasing around 2.33 percent as compared to the previous closing price of Rs 2,995.75 apiece.
Reason for Rise:-
According to the company filing, Reliance Industries Limited’s Board of Directors is scheduled a meeting on Thursday, September 5, 2024, to consider and recommend to the shareholders for their approval, the issue of bonus shares in the ratio of 1:1 to the Equity Shareholders of the company. Furthermore, this is the first time the company has given a bonus since 2017.
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During the AGM, the business introduced the Jio AI-Cloud Welcome Offer. Jio subscribers will receive up to 100 GB of free cloud storage to securely store and access all of their images, videos, documents, and other digital information and data. RIL intends to introduce the Jio AI-Cloud Welcome offer this Diwali, providing a powerful and cheap solution in which cloud data storage and data-powered AI services are accessible to everyone, anywhere.
Financial Performance:-
Looking forward to the company’s financial performance, revenue increased by 5 percent from Rs 207,559 crore in Q1FY24 to Rs 231,784 crore in Q1FY25. During the same period, net profit decreased by 4 percent, from Rs 18,258 crore to Rs 17,445 crore.
Revenue Split:-
The company’s Oil-to-Chemicals segment, contributing 57% of revenues, refines 1.4 million barrels per day. The Retail segment, generating 23% of revenues, operates 15,200 stores across various categories. The Digital Services business (Jio) contributes 11% and serves 41 crore subscribers.
Footprint:-
The company owns Network 18 Media which has a presence across the full spectrum of content genres such as news, entertainment, sports, movies, and live entertainment. Its portfolio includes CNBC TV, Colors, MTV, Nick, History TV, and others. It also owns digital platforms such as moneycontrol, News 18, CNBC, First Post, voot, and Bookmyshow.
Company Profile:-
Reliance Industries Limited is an Indian corporation that operates in the fields of hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, innovative materials and composites, renewables (solar and hydrogen), retail, and digital services.
Written by:- Abhishek Singh
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