Highlights of Reliance Industries AGM
Reliance Industries, the second largest company by market cap conducted its 41st Annual General Meeting on Thursday.
Reliance Industries’ consumer businesses (Jio and Retail) have shown splendid performance and contributed almost 13 per cent to consolidated EBITDA of FY18 as against 2 per cent in the previous year.
Speaking on the hydrocarbons business, Mukesh Ambani, Chairman of RIL, stated that they have commissioned and stabilized the world's largest Paraxylene (PX) complex at Jamnagar. With 4.2 million MT of capacity Jamnagar is the largest manufacturing facility of PX in the world. He further added that Butyl rubber project will be commissioned later this year.
On Thursday, the company announced its foray into fixed-line fiber broadband segment with the launch of Jio Giga Fibre. This is likely to act as disrupter for the home broadband service providers.
The company will also provide services like automation, home surveillance, landline, and CableTV.
After this announcement, the stock of Hathway and Den Network tanked almost 18 per cent and 14 per cent, respectively from their previous closes.
Ahead of its AGM, the stock of Reliance Industries traded positively in the early morning trade, but later it dipped almost 3 per cent to intraday low of Rs. 960 per share.