Business India

RIL (Reliance) announces country’s largest share price bonus

RIL (Reliance) announces country’s largest share price bonus
Written by Ashish Sharma

Mukesh Ambani( Reliance Industries Chairman) addressed the company’s 40th annual general meeting (AGM) today on July 21. He surprised everyone by announcing bonus shares price in the ratio of 1:1 which seems country’s largest bonus issue in India. Reliance IPO was started in 1977 and from that time company created ‘culture of shareholder’ in India. Now Mukesh Ambani announced in his speech that an investment of Rs 1,000 in Reliance shares in 1977 would be worth Rs 16.5 lakh today as rewarding to shareholders of company. On Thursday, the company’s consolidated profit for the quarter ended June plunged to Rs 9,079 crore compared with Rs 7,077 crore posted for the same quarter last year.

Shares of the RIL (Reliance Industry) are trading with huge volume 2,22,04,891 3.72 per cent up at Rs 1,585.75 around before Sensex closing Hours. Shares of the company opened at Rs 1554, marked its 52 week high of 1591.70 on National Stock Exchange after breaking major resistance level of 1579.In the upcoming days traders are bullish about RIL share and expecting new Highs around 1800.

In the Annual General Meeting, Reliance Industries also launched much-awaited 4GLTE phone which will be available in the stores at an effective price of Rs 0. But, consumers have to pay one time security fee of Rs 1,500 to purchase that mobile phone which company claims to be refundable after three year.

About the author

Ashish Sharma

Ashish is a techie who is a finance and stocks hobbyist. He loves to contribute and create awareness by writing on business and finance