Reliance Industries shares jumped on Tuesday marking their biggest intraday jump since February 22, 2017, a day afterthe company's chairman, Mukesh Ambani, said the group has a clear roadmap to become zero net-debt company in 18 months.
Reliance Industries Limited (RIL) shares opened higher atRs 1,240.00 and rose to as much as Rs 1,274.20 apiece on the BSE in morning deals, marking an intraday gain of9.66 per cent from its previous close.Reliance Industries announced that Saudi Arabia's oil giant Aramcosigned a letter of intent to buy a 20 per cent stake in its oil-to-chemicals businessin one of the largest foreign investments in the country.The deal valued the business at $75 billion including debt, said MrAmbani, addressing shareholders at his company's 42nd Annual General Meeting in Mumbai.He said the group's telecom vertical, Reliance Jio Infocomm, and retail venture - Reliance Retail - would account for 50 per cent of the company's earnings soon.Mr Ambani also assured shareholders that they would continue to get periodic bonus issues and higher dividends once the group became debt-free."As we achieve our zero net-debt target, I assure you my dear shareholders that we will reward you abundantly through higher dividends, periodic bonus issues and other means, and at a more accelerated pace than any time in our history," said Mr Ambani.
(Full text of Mukesh Ambani's speech at 42nd Reliance Industries AGM)At10:09 am, Reliance Industries shares traded 9.65 per cent higher at Rs 1274.15 apiece on the BSE, sharply outperforming the benchmark Sensex index which was down0.44 per cent amid a broad-based selloff.RIL shares were the top percentage gainer on the BSE benchmark in morning session.By that time,8.63 lakh Reliance Industries shares had changed hands, as against an average of 5.13 lakh over the past two week.sGet Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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