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- Mukesh Ambani | RIL AGM 2021; Mukesh Ambani Reliance Industries Market Cap Decrease By 30000 Crores
Mumbai3 hours ago
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- The Saudi Aramco deal was announced at the 2019 AGM
- After 2 years, once again it has been expected about its deal this year.
Reliance Industries Chairman Mukesh Ambani’s speech did not show any enthusiasm among investors. Due to this, the stock of Reliance Industries fell 2.35% to close at Rs 2,153 at the time of closing of the market today. Due to this its market cap decreased by about 30 thousand crores. Even after 2 years, Ambani has reiterated the old promise on the Saudi Aramco deal that it will be finalized soon.
3.5 lakh people from different countries participated in this AGM. Last year 3 lakh people from 41 countries participated.
Disappointment at 44th AGM
Mukesh Ambani made a lot of announcements in the 44th AGM of the company regarding telecom, retail and investment. Despite this, the effect of his announcement was not visible on the stock. The market cap of Reliance has been Rs 13.65 lakh crore as against Rs 13.95 lakh crore yesterday. He has announced an investment of Rs 75,000 crore. On the other hand, in the 2019 AGM, Mukesh Ambani had announced a deal of 20% stake with Saudi Aramco. After 2 years once again he has said the same thing that it will be finalized soon. Investors didn’t see a clear picture on this either.
Company Performance Outstanding
Mukesh Ambani said that the performance of Reliance has been consistently outstanding. Its total revenue has been Rs 5.40 lakh crore. As a big company of the country, Reliance’s contribution to the country’s economy has been good. 75 thousand new jobs have been given. Our oil to chemical business continued to struggle with challenges due to the slowdown in the economy. Reliance is still the only company globally which is running its operations at full capacity and making profit every quarter.
net debt free balance sheet
Mukesh Ambani said that Reliance completed the net debt free balance sheet before March 2021. Our target was till March 2021. It was completed two years ago. Reliance has announced a strategic partnership with Saudi Aramco. Saudi Aramco Chairman and Kingdom Governor Yasser Al-Rumayen has joined the board of Reliance Industries. Kingdom is a $430 billion sovereign wealth fund. That is, the deal with Saudi Aramco can be completed soon.
Saudi Aramco chairman on Reliance’s board
Yasser-al-Rumayen will be on the board as an independent director. Mukesh Ambani has announced the launch of a new energy business. Its objective is to promote green energy in the country and at the global level. The company has started the Dhirubhai Ambani Green Energy Giga Complex. It is spread over 5 thousand acres in Jamnagar, Gujarat. He has had a big announcement regarding retail. Under this, there is a plan to provide 10 lakh jobs in the next 3 years.
15 thousand crore investment on jio phone
He said that Google and Reliance will jointly develop Jio Phone Next. For this an investment of Rs 15,000 crore will be made. In the last 10 years, Reliance has invested $90 billion in the value of the country and its shareholders. In the coming decade, Reliance will invest $200 billion directly and with partners. Reliance had raised Rs 3 lakh 24 thousand 432 crore last year. This money was raised through Jio Telecom, Retail and rights issue among other ways.
Big plan about green plan
There will be 4 gig factories under the green plan. It will have an Integrated Solar Photovoltaic Module Factory which will produce solar energy. The second advanced storage will be the battery factory. It will store intermittent energy. The third will be the electrolysis factory – it will produce green hydrogen and the fourth will be the fuel cell factory. In this, hydrogen will be converted into mobile and stationary power. 60 thousand crore rupees will be invested on the new energy business.