The stock of the country’s most valuable company Reliance Industries closed at Rs 2104.30, down 2.28 % (49.05 points) on the Bombay Stock Exchange (BSE) today.
The 44th Annual General Meeting (AGM) of Reliance Industries Limited (RIL) held on Thursday had an impact on the stock.
The market capitalization of the company has gone up to Rs 13,34,009.02 crore. The stock opened at the level of 2159.80 in early trade.
In the AGM, Mukesh Ambani had informed that despite the pandemic, the company’s performance was excellent. Reliance generated consolidated revenue of Rs 5.4 lakh crore.
The company made a profit of Rs 53,739 crore, which is about 39 percent more than the previous year. Ambani told that exported Rs 1.45 lakh crore to 107 countries.
Retail investors got four times to return in one year
In the last financial year, Reliance paid a customs duty of Rs 21,044 crore. Paid Goods and Services Tax (GST) and VAT of Rs 85,306 crore and income tax of Rs 3213 crore.
The company raised capital of Rs 3,24,432 crore. Retail investors got four times the return in one year from the rights issue.
Extended Dividend to Shareholders
Mukesh Ambani said that despite the epidemic, the company has increased the dividend for the shareholders this year. Reliance Industries had promised to become a zero debt company last year. This target was achieved much ahead of the scheduled time of March 2021.
The process of partnership with Saudi Aramco is expected to be completed soon
It is known that in the 2019 AGM, Mukesh Ambani had announced a deal of 20 percent stake with Saudi Aramco. After two years, he once again said that soon the process of partnership with Saudi Aramco is expected to be completed. However, at the 44th AGM it was also announced that VEP Trivedi has retired from the board and Aramco Chairman Yasir L Rumayen has joined the board.
Fitch upgrades Reliance’s rating by a notch
Fitch Ratings has downgraded Reliance’s rating to ‘BBB’, a notch above India’s sovereign rating.
This was done on account of the company achieving cash flow from across the country in the diversified business segment and consistent debt reduction.
With this, RIL’s rating has gone up one notch to India’s sovereign rating.
It is worth noting that India’s sovereign rating is ‘BBB-‘. The company has cut its foreign currency borrowings outside India by 36 %with a prepayment of USD 7.8 billion for the financial year ending March 2021.