Reliance Industries Bonus Issue: 1:1 Ratio, Record Date On Monday 28th Oct, Stop-Loss At Rs 2760; Target?

The largest private sector business in India and a Fortune 500 firm is Reliance Industries Limited (RIL). The headquarters of the global Indian corporation Reliance Industries Limited are located in Mumbai. Energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles are some of its business sectors. Based on market capitalisation, Reliance is the largest publicly traded corporation in India. The company's primary business activities are petrochemical, refining, and oil and gas-related; its other business divisions include retail, telecommunications, textiles, and the construction of special economic zones (SEZs). As of 2024, the corporation has around 15 partner companies and over 200 subsidiary enterprises.

Reliance Industries 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 the company in a stock exchange filing.

Reliance Industries Financials

Reliance Industries Ltd. (RIL), reported that its consolidated net profit for the quarter ending in September 2024, which came to Rs 16,563 crore, had dropped by 5%. In the year-ago quarter, the net profit was Rs 17,394 crore. During the reporting quarter, revenue from operations climbed by 0.2% year on year (YoY) to Rs 2.35 lakh cr. The conglomerate reported an EBITDA of Rs 43,934 crore for the second quarter in FY25, a 2% year-on-year drop. EBITDA margins fell 50 basis points as well, ending up at 17%.

Reliance Industries Share Price Target

KKunal V Parar - VP of Technical Research and Algo at Choice Broking said, "On the daily chart, the stock has already broken below the lower band of a Broadening Rising Wedge, indicating a bearish outlook. Additionally, it is trading below the 200-day moving average, reinforcing the negative trend. In a smaller time frame, the stock remains in a downward-sloping channel, suggesting further downside."

"The daily RSI momentum indicator is also trending below 50, signalling weak market sentiment. Given this technical setup, we anticipate a downside move to levels of 2570 to 2410. On the upside, a stop loss is recommended at 2760," the analyst further added.

Disclaimer

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