Reliance Industries Ltd. Holds 41st AGM
Reliance Industries Ltd. (RIL) held its Annual General Meeting (AGM) for the 41st year running, and it was a day of great news for shareholders and employees alike, as well as the market which saw share prices for the conglomerate increase by at least two percent. Some of the key highlights of the AGM were the announcement of Reliance Jio’s Gigafiber broadband services, a fiber-based fixed landline service offering from the telecommunications company that has taken the market by storm since in India.
Some of the areas of potential concern, if any, as far as investors in the company were concerned were the fact that RIL’s overall liabilities have grown more than significantly, explained primarily by the spree of acquisitions that the group has made in its primary business area of oil and related business areas, namely oil refining and petrochemicals. A large part of this increased liability can also be explained by its foray into telecommunications. Yet, in spite of this expansion and increase in its liabilities, the outlook for these ventures is most positive, as evidenced by the planned expansion of the telecom business.
Profitability for RIL reported on a consolidated operating profit basis, for the year ended March 2018, increased by almost 40 percent, to a total amount of 67,176-crore rupees. This was very much in line with the overall increase in the price of its stock which saw a massive 83% increase. This far exceeded the Bombay Stock Exchange’s sensitive index (SENSEX) growth of 34% during the same period. The organization seems to be going from strength to strength, and there is much to look forward to in the coming months.