Reliance Industries Share Price Rises Ahead of AGM Announcement

The share price of Reliance Industries Limited experienced a notable increase of over 2% on August 29, 2024, following the announcement of an upcoming Board meeting set for September 5, where a bonus share issue of 1:1 will be considered. The stock opened the trading day at ₹3014.95, slightly above its previous close of ₹2995.75, and surged to ₹3074.80 upon the announcement.

Sumeet Bagadia, Executive Director at Choice Broking, indicated that Reliance shares have significant support at ₹2900 and are facing resistance at ₹3200. He advised current shareholders to retain their holdings with a stop loss at ₹2900, aiming for a short-term target of ₹3200. Additionally, he suggested that new investors might consider purchasing the stock at the current market price for the same short-term target.

The positive movement in Reliance’s share price also stems from market anticipation surrounding the 47th annual general meeting, which is expected to provide key updates regarding the timelines for Reliance Jio’s IPO and the listing of Reliance Retail. These expectations are rooted in previous commitments made during the 2019 AGM, wherein the company indicated plans to list these business units within a five-year timeframe.

Analyst Avinash Gorakshkar, Head of Research at Profitmart Securities, noted that there are also speculations regarding a potential stake sale in the oil to chemical (O2C) sector, contributing to bullish sentiments in the market.