Mukesh Ambani's Reliance Industries Shares In Focus Tomorrow: Here's Why

New Delhi: Mukesh Ambani-owned Reliance Industries Limited (RIL) shares are expected to be in the spotlight tomorrow, as the company has set the record date for its bonus share issue. In a stock exchange filing on Wednesday, the Mukesh Ambani-led conglomerate announced that Monday, October 28, 2024, will be the record date to determine which shareholders are eligible to receive the bonus shares.

Reliance Industries Bonus Share IssueThe company had earlier approved a 1:1 bonus share issue in September, which means shareholders will get one additional share for every share they own. Describing the move as an “early Diwali gift” for investors, this marks the sixth time the oil-to-telecom giant is issuing bonus shares. Reliance Industries Share Price TargetHDFC Securities reaffirmed its "ADD" rating on RIL, with a price target of Rs 3,350 per share, indicating a 22 percent upside potential. The brokerage’s optimism is based on three main factors: a recovery in the O2C business, growth in the digital business driven by improved average revenue per user (ARPU) and subscriber additions, and potential value unlocking in the digital and retail segments. HDFC Securities also noted that RIL's Q2FY25 EBITDA of Rs 391 billion (-4.7 per cent YoY, +0.8 per cent QoQ) exceeded their estimates, largely due to the strong performance of the telecom segment.

Reliance Industries Share Price PerformanceReliance Industries shares are showing some gains on Wednesday after 13 consecutive days of decline. As of 2 PM on Wednesday, Reliance Industries Ltd shares were trading 0.50 percent higher at Rs 2,700.55.( Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)