Reliance AGM Live: Mukesh Ambani’s Speech Begins, All Eyes on Jio Roadmap

Standing ovation when Mukesh Ambani mentions the contributions of Dhirubhai Ambani

Rs 1,000 of Reliance shares in 1977 is worth Rs 16.5 lakh today: Mukesh Ambani

#RILat40
Our turnover has grown from 70 crores in 1977 to over 330,000 crores today – an increase of nearly 4,700 times: Mukesh Ambani

— Reliance Jio (@reliancejio) July 21, 2017

Our turnover has grown from Rs 70 crore in 1997 to Rs 30,000 crore. Reliance market cap is over Rs 5 lakh crore: Mukesh Ambani

This is the 40^th year of our IPO. We have seen four phenomenal decades. From a textile company, we have grown to many other verticals, says Mukesh Ambani to a thunderous applause.

RIL Chairman Mukesh Ambani is addressing shareholders. 

Reliance Industries shares have hit 9-year high, reports Moneycontrol.com

Shares of Reliance Industries Ltd (RIL) have risen nearly 4 per cent after the company reported its highest quarterly consolidated net profit of Rs 9,108 crore. The stock after making a positive opening, further jumped 3.85 per cent to Rs 1,587.70 — its multi-year high — on BSE. At NSE, shares of the company went up by 3.86 per cent to Rs 1,588.

Ahead of the Reliance AGM, Bharti Airtel shares are down 2.07% to Rs 411.25 at 11am in Mumbai trading. Idea Cellular shares are down 2.42 % to Rs 92.75.

Reliance Industries Chairman Mukesh Ambani has arrived with family for the 40^th Annual General Meeting. 

For the petrochemicals segment, revenue increase of 22.9% was aided by price increase and volume expansion due to capacity addition.

The key segment of Refining registered 18% year-on-year growth and reported Gross Refining Margins of $11.9/bbl as against $ 11.5/bbl in the previous and the corresponding quarter.

Reliance Industries (RIL) started the fiscal on a strong note with record consolidated profit aided by strong gross refining margin in the refining segment and record margin in the petrochemical business.

Reliance Jio is currently the only telecom operator which runs a 4G VoLTE network.

Reliance Jio is likely to launch the much-awaited 4G VoLTE phone soon and an announcement to the effect could be made today.

“RIL reported a massive beat when compared with estimates and given the fact that it has already rallied quite a lot so far in the year 2017, I expect the stock to open higher with a 3-5 percent gap on Friday,” SP Tulsian of sptulsian.com said in an interview to CNBC-TV18.

“Our Company recorded yet another strong quarterly performance with a net profit of Rs9,108 crores, up 28% Y-o-Y. Our industry leading portfolio of assets in the refining and petrochemicals business contributed to the considerable improvement in our earnings for the quarter,” Mukesh D. Ambani, Chairman, and Managing Director, Reliance Industries Limited said in the press release.

The oil-to-telecom conglomerate on Thursday reported 28% year-on-year growth in net profit to Rs 9,108 crore. It had reported a net profit of Rs7,113 crore in the corresponding quarter of last fiscal.

The focus today will be on the numbers, be it the number of Jio Prime subscribers, the announcement on launch of Fiber-to-the-home super-fast broadband services, details on affordable 4G feature phones and new tariff plans, a report in moneycontrol.com said.

The telecom ventures of Reliance Industries, India’s largest private sector company, have been the focus of attention in the last one year.

Reliance Industries will hold its 40th Annual General Meeting (AGM) at the Birla Matushri Sabhagar at Mumbai’s Sir Vithaldas Thackersey Marg today. While last year’s AGM focused on the launch of Reliance Jio Infocomm, this AGM is likely to be about the extension of those services.