In a major announcement, Mukesh Ambani’s has given Diwali gift to its 37 Lakh shareholders, as they will receive Bonus Shares soon.
Mukesh Ambani, Chairman of Reliance Industries, has announced the record date for the company’s much-anticipated bonus shares. Set for October 28, 2024, this bonus share issue will be a festive gift for the company’s investors just before Diwali.
Also Read– Sebi To Auction 27 Properties Of Rose Valley Group Worth Rs 63.26 Crore
Diwali Bonus For 37 Lakh Shareholders
Asia’s richest businessman, Mukesh Ambani, is set to give a big Diwali gift to 37 lakh shareholders of Reliance Industries. The company has announced October 28, 2024, as the record date for issuing bonus shares. According to the regulatory filing, the shareholders’ approval for issuing these bonus shares has already been obtained, ensuring that investors will receive their shares right before the Diwali festival season.
Reliance Industries Official Announcement
Reliance Industries shared the details in a regulatory filing with the stock exchange. The company revealed that the bonus shares will be issued in a 1:1 ratio, meaning shareholders will receive one bonus share for every share they currently hold. To determine the eligibility of shareholders, the record date has been set for October 28, 2024. The decision to issue bonus shares was initially announced by Mukesh Ambani during Reliance’s Annual General Meeting on August 29, 2024, and it was approved by the company’s board on September 5, 2024.
Reliance Industries Share Price Performance
As for the current state of Reliance’s stock, HDFC Securities has given an “ADD” rating with a target price of ₹3,350. Nomura has issued a “Buy” rating with a target of ₹3,450, while CLSA has maintained an “Outperform” rating with a target of ₹3,300. UBS has also kept a “Buy” rating, setting a target price of ₹3,250.
Reliance Industries Q2 Results
Reliance Industries Ltd, India’s most valuable company, on Monday reported a 5 per cent fall in the July-September quarter net profit as weak oil refining and petrochemical business hurt operational performance.
Read More: Waaree Energies IPO GMP soars over 100%: Check issue price, allotment status, listing date and more
Its consolidated net profit fell to Rs 16,563 crore or Rs 24.48 per share in July-September – the second quarter of the current fiscal – compared to Rs Rs 17,394 crore or Rs 25.71 a share in the same period a year back, according to a company statement.
While retail and telecom businesses posted steady performance, the oil-to-chemical (O2C) business, which is made up of twin oil refineries at Jamnagar in Gujarat and petrochemical units saw margins shrink on global oversupply.
Read More: Stock Market Updates: Sensex Rises 100 Points, Nifty Below 25,000; Bajaj Auto Tanks 8%
The profit before tax (EBITDA) dropped 2 per cent to Rs 43,934 crore. The financial performance was also impacted by finance costs rising by 5 per cent to Rs 6,017 crore, primarily due to higher debt.
For more news like this visit Officenewz.com
