Investors should try to add the stock on any healthy correction, as RIL is likely to outperform the index.
Reliance Industries' 43rd Annual General Meeting (AGM) came up with some of the announcements that may change business dynamics as Reliance became the first Indian company with the market capitalisation of $150 billion.
RIL Chairman Mukesh Ambani emphasised on "Made in India", "Made-for-India" and "Made-for-the-World" products, which might boost investors trust as nation tilted over Made in India products.
However, a set back for the conglomerate is the deal with Saudi Aramco, which has not progressed with the original timeline due to pandemic and some unfavourable events in the oil sector. But Ambani said he is committed to this partnership. Had the deal got announced it might have boosted street sentiments.
Some of the announcements which I really like are 'target to become net carbon-neutral by 2035' and another big announcement by the chairman is that Google will invest over Rs 33,000 crore in Jio Platforms.
Way ahead, Jio is ready with a world-class 5G solution and its field deployment might be carried in next year. Also, Ambani focused on Made-in-India 5G Solution.Although, the market has discounted announcements but RIL is worth holding for mid to long term, with a target of Rs 2,600, implying 40.9 percent potential upside from current levels. Investors should try to add the stock in any healthy correction as RIL is likely to outperform the index and might lead the benchmark.
- RIL 43rd AGM: Reliance Jio and Google partner to build an affordable Android-based 5G smartphone for India
- RIL 43rd AGM: Google will invest Rs 33,737 crore for 7.7% in Jio Platforms
- RIL AGM: Nearly half of Google's India Digitisation Fund to go into Jio
- RIL 43rd AGM: Jio develops made-In-India 5G solution
- RIL AGM key highlights: Mukesh Ambani announces Google deal; Jio readies 5G solution
- RIL AGM: Capital raise complete, now only look to add strategic partners, says Chairman Mukesh Ambani
- RIL AGM 2020: In its latest offerings, Reliance announces JioTV+ and Jio Glass
- RIL AGM: Reliance launches Jio Glass for best-in-class mixed reality experience
- RIL 43rd AGM: Saudi Aramco deal has not progressed as per earlier timeline: Mukesh Ambani
- RIL AGM: JioMart successfully piloted, will expand beyond groceries
- RIL AGM: Will induct global partners into Reliance Retail, says Mukesh Ambani
- RIL AGM: Reliance Retail only Indian company in Top 100 global retailers, says Mukesh Ambani
- RIL AGM: No better partner for Indian startups than Jio, says Chairman Mukesh Ambani
The author is Head of Research at CapitalVia Global Research Limited- Investment Advisor.
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