Reliance Industries Ltd (RIL) shares were trading higher in Thursday's trade ahead of the oil-to-telecom major's 47th annual general meeting (AGM) scheduled for later in the day at 2 pm. The stock was also in news as the Mukesh Ambani-led company and The Walt Disney Company got nod from the CCI for the merger of their Indian media assets.
At 9.18 am, the scrip was trading 0.11 per cent higher at Rs 2,999 on BSE.
RIL chart movement Kushal Gandhi, Technical Analyst at StoxBox said the RIL price action analysis on the weekly timeframe shows that the scrip has been trending with higher lows, indicating strength in the primary trend.
"The price action recently succumbed to modest profit booking and showed resilience to drawdowns below its shorter-term weekly exponential moving averages. The stock faces overhead resistance near Rs 3,020, and with a decisive close above this hurdle, the price action is anticipated to attain the target of Rs 3,220 in the short term," Gandhi said.
RIL AGM: What to watch out for? Analysts believe updates on listing timeline for retail and digital businesses are a re-rating catalyst and any commentary towards strategic stake sale in O2C business would be welcomed.
"Any update on the progress of various projects underway in New Energy business with timelines around project commissioning and earning potential from such projects would be keenly followed," JM Financial said recently.
RIL in its 2022 AGM announced Rs 75,000 crore investments in New Energy. In its 2023 AGM, Mukesh Ambani said RIL was progressing well to deploy its committed capital to build New Energy manufacturing ecosystem.
"This will enable us to accelerate giga-scale production for round-the-clock power and for large-scale Green Hydrogen production for green chemicals manufacturing, as well as for green mobility," he noted. Updates on New Energy biz, thus would be noteworthy.
The FY24 annual report states that the company will continue to monitor financial markets to seize suitable opportunities for capital-raising to support its growth plans, analysts noted.
"New energy will be commissioning its first train of module and cell manufacturing in FY25. Solar panels manufactured in Jamnagar have obtained BIS certification. Parallelly, work on RE development has commenced and Reliance has been allotted land in Gujarat. The company aims to become the largest RE developer in India. It has initiated participation in RE PPA with the first PPA signed with MSEDCL for 128 MW for 25 years," ICICI Securities said in a note.
The formalisation of succession plan by Mukesh Ambani, the announcement regarding AiFiber and suggestions of potential investors in Reliance Retail were some of the key highlights of the RIL AGM 2023.