RIL was also in news as the Mukesh Ambani-led company and The Walt Disney Company got nod from fair trade regulator CCI for the merger of their Indian media assets.
Reliance Industries Ltd (RIL) on Thursday shares topped the Rs 3,000 mark ahead of the oil-to-telecom conglomerate’s 47th annual general meeting (AGM), scheduled late in the day at 2 pm. The stock rose 0.68 per cent to hit a day high of Rs 3,016.10.
RIL was also in news as the Mukesh Ambani-led company and The Walt Disney Company got the nod from fair trade regulator CCI for the merger of their Indian media assets.
On technical setup, resistance on the counter could be seen at Rs 3,020, followed by Rs 3,060. “The stock is trading on a neutral make-or-break level. For any close above Rs 3,060, we can see the price rising towards Rs 3,100 and for any close below Rs 2,990, we can see a breakdown towards Rs 2,930 levels. We are on a wait-and-watch strategy,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities.
“The scrip 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,” said Kushal Gandhi, Technical Analyst at StoxBox.
RIL AGM: Where the focus could be?
JM Financial recently said that any update on the progress of various projects underway in the new Energy business with timelines around project commissioning and earning potential from such projects would be keenly followed.
ICICI Securities said, “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.”
AGM to be conducted virtually
The AGM will be conducted virtually in line with contemporary practices and regulatory guidelines, RIL mentioned. “The 47th post-IPO AGM of the members of the company will be held on Thursday, August 29, 2024, at 2:00 pm (IST) through video conferencing, in accordance with regulations,” the company release stated.