Reliance AGM Announcement: Reliance Industries has announced a big gift to its 35 lakh shareholders. The company will give its shareholders one share in exchange for one share as bonus share. To approve this, a meeting of the Board of Directors will be held on 5 September 2024. Along with this, Reliance Industries Chairman Mukesh Ambani announces Jio’s AI-Cloud Welcome Offer: 100GB free storage.
Just before the start of the Reliance Industries AGM 2024 meeting at 2 pm, the company shared information in a regulatory filing with the stock exchanges, stating that the Board of Directors of Reliance Industries will meet on September 5, 2024, in which it will consider giving bonus shares to the shareholders in the ratio of 1:1 and recommend it. This means that if the shareholders have one share, then in return for that, one share will be given to the shareholder as a bonus.Â
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Giving bonus shares means that if a shareholder has 100 shares of Reliance Industries, then after the bonus shares, he will have 200 shares. However, the share price will decrease in the same proportion. The share rate which is trading at around Rs 3000 today will come down to Rs 1500.
While addressing the Reliance AGM meeting, Chairman Mukesh Ambani also informed about the meeting of the Board of Directors to be held on September 5 to consider giving bonus shares to the shareholders. Reliance stock saw a rise on the stock exchange as soon as the announcement of giving bonus shares to the shareholders was made. The company’s stock is trading at Rs 3048.50 with a jump of 1.73 percent.Â
Addressing the Reliance AGM, Mukesh Ambani said, Reliance is number one in contributing to the government treasury. The company contributed Rs 1,86,440 crore to the treasury through various taxes and duties during the last financial year, which is the highest compared to any other corporate group.
Reliance AGM Announcement: Jio users will get 100GB free storage in AI-Cloud Welcome Offer
Reliance AGM 2024 Live: Reliance Industries Chairman Mukesh Ambani has announced the launch of Jio AI Cloud Offer in which every Jio user will be given 100 GB cloud storage absolutely free. Mukesh Ambani has announced this in the 47th AGM meeting of Reliance Industries. Mukesh Ambani said, Jio AI-Cloud Welcome offer will be launched on Diwali this year. Â
Mukesh Ambani said, I am very happy to announce the Jio AI Cloud Welcome Offer. Jio users will get 100 GB FP cloud storage in which they will be able to store their photos, videos, documents and other digital content and data. He said, we will launch the Jio AI Cloud Welcome Offer on Diwali this year, through which we are bringing powerful and affordable solutions in which cloud data storage and data-powered AI services will be available to everyone everywhere. Â
What are bonus shares?
Bonus shares are additional shares given by a company to its existing shareholders. These shares are not given as a dividend from the company but are given from the company’s reserves. When a company issues bonus shares, the number of its existing shares increases but there is no change in the total assets of the company.
Why are bonus shares issued?
To reduce the share price:Â When the share price of a company becomes too high, it becomes difficult for small investors to buy it. By issuing bonus shares, the company can reduce the share price, making it accessible to more people.
To please shareholders:Â By issuing bonus shares, the company can please its shareholders and increase their confidence.
Reliance AGM Announcement: Mukesh Ambani unveils 20-year roadmap, currently in top-500.
Reliance Industries Limited (RIL) Chairman and Managing Director (CMD) Mukesh Ambani addressed the shareholders in the company’s 47th AGM on Thursday. He credited his shareholders and employees for the company’s growth. During this, Mukesh Ambani also showed the roadmap for the company’s success in the next 2 decades. He said that whatever we have achieved so far is the result of tireless hard work and working in the right direction, but our real growth is yet to come.
Mukesh Ambani said that our future looks brighter than our past. Whatever we have achieved till now is not enough. In the coming times, our destination of success will be somewhere else. For this, we have already started adopting technology and innovation. Due to this, Reliance Industries will be among the top companies of the world in the future.
What is the future target?
Mukesh Ambani said that after 20 years of hard work in the last two decades, Reliance Industries has now joined the top 500 companies of the world. Our target is to join the top 50 companies in the next 20 years. To achieve this target, we will have to work with a complete strategy.
Earnings target even bigger
RIL CMD Mukesh Ambani said that our company’s earnings target is much bigger than our goal of being included in the top-50 companies. With the help of deep tech and advanced manufacturing, we can achieve our goal of making the company one of the top-30 companies in the world in terms of earnings in the coming time.
What was the previous earning?
RIL has made bumper earnings in the first quarter of the current financial year. During this period, the company’s revenue grew by 11.5 percent to Rs 2.58 lakh crore. The company’s EBITDA also increased by 2 percent on an annual basis to Rs 42,748 crore. Not only this, the company’s net profit also increased by 4.5 percent to Rs 17,445 crore in the first quarter ended in June.
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