1:1 Bonus Shares: Record Date Oct-28 Fixed By Reliance Industries; Get 1 Free Share For Every 1 Existing?

The shares of bluechip company Reliance Industries opened higher today on the NSE at Rs 2,731.40 apiece compared to the previous close of Rs 2,708.15. The rally in the stock price was witnessed on Thursday after the largest oil & gas company in India fixed record date for 1:1 bonus shares.

Reliance Industries Record Date For Bonus Shares

"This is further to our letters dated September 5, 2024 and October 16, 2024 intimating the approval by the members for issue of bonus shares in the ratio of 1:1. In this regard, we wish to inform that the Company has fixed Monday, October 28, 2024 as the Record Date for the purpose of determining the equity shareholders of the Company eligible for bonus equity shares of the Company," said Reliance Industries in a stock exchange filing.

Reliance Industries Q2 Results

In the second quarter of the current fiscal year 2024-25, Reliance Industries Ltd. (RIL) reported a 4.78 per cent drop in its consolidated net profit (Q2 FY25) which stood at Rs 16,563 crore, compared to Rs 17,394 crore for the same time last year. From Rs 2,38,797 crore in the same quarter last year to Rs 2,40,357 crore in the quarter under review, RIL's overall income increased by 0.65%. The company's EBITDA dropped by 2% YoY to Rs 43,934 crore, while its EBITDA margins plummeted by 50 basis points to 17%. When considering RIL's standalone results, its revenue decreased by 2.5% YoY to Rs 1.33 trillion, while its net profit dropped by 31.2% to Rs 7,713 crore. By September 2024, RIL's consolidated gross debt had increased to Rs 3.36 trillion from Rs 2.95 trillion the previous year, while its net debt was Rs 1.16 trillion.

Reliance Industries Latest News

The Central Goods and Services Tax and Central Excise Superintendent, Division I, Lucknow, has issued an order dated October 15, 2024, to the company, imposing a penalty of Rs. 64,917 under Section 74 of the Central Goods and Services Tax Act, 2017, the Uttar Pradesh Goods and Services Tax Act, 2017, and the Integrated Goods and Services Act, 2017.

"The Order has been passed alleging incorrect availment of input tax credit by the Company. The Company intends to file an appeal against the Order. The financial impact of the Order is to the extent of the penalty levied. There is no impact on operations or other activities of the Company due to the Order," said Reliance Industries in a stock exchange filing on October 17, 2024.

Reliance Industries Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "RELIANCE is currently trading near the Rs 2731 level, experiencing a correction from its recent high. On the weekly chart, the stock is moving within a parallel range and is now trading close to the lower boundary of this channel. The 100 EMA at Rs 2645 is a key immediate support level, and any signs of reversal around this level could be significant. Until RELIANCE breaks through the Rs 2800 resistance level, the overall trend remains sideways to bearish. On the downside, the immediate support is at Rs 2600, which could present a potential buying opportunity on dips."

"The Relative Strength Index (RSI) is currently at 38 and trending upward, suggesting increasing buying momentum. To manage risk prudently, a stop-loss at Rs 2500 is recommended. This will help protect your investment in case of an unexpected market reversal. Based on technical analysis and current market conditions, RELIANCE appears to present an appealing buying opportunity for those targeting Rs 3200 and Rs 3400, provided that appropriate risk management strategies are implemented," the analyst further added.

Disclaimer

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