Business Live: Reliance AGM, Global And Domestic Economic Data To Set The Mood In The Market


Business News Live: Hello and welcome to ABP Live’s Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, Economy, and corporate. Here are some important events will be keeping an eye on August 28:

Reliance Industries AGM: What To Expect

The much-awaited annual general meeting (AGM) of Reliance Industries is expected to take place on August 28 at 2 pm. The Mukesh Ambani-led conglomerate is likely to come up with some major announcements during it’s 46th AGM. The meeting can be watched live here

Investors expect to hear updates on the Jio and Reliance Retail IPOs in the upcoming AGM. Reliance Retail already has investors like Qatar Investment Authority, KKR, Silver Lake Partners, and the sovereign wealth funds of Saudi Arabia and Singapore. While Jio Platforms counts Google, General Atlantic, Abu Dhabi Investment Authority, and Meta Platforms amongst its investors. 

Further updates regarding RIL’s December target of pan-India 5G rollout are expected to be shared in the AGM. The oil-to-telecom conglomerate announced the JioAirFiber in it’s previous AGM, but the device is not yet available for purchase. Experts will be looking forward to hearing some details about the device, including it’s launch. JioAirFiber is expected to provide fibre-like 5G speed over the air without any wires. 

Investors will also be keeping a keen eye on RIL’s new energy business. The company committed $10 billion worth of investment in the business over a period of three years. Therefore, an update on the progress of different projects being undertaken in the new energy business is expected. Further details like commissioning timelines and projected earning potential of these projects will also be eagerly awaited. 

Investors Brace For Macroeconomic Data

As we head towards the August end, the market is gearing up for many impactful Macroeconomic Data data expected next week. India’s crucial economic indicators including Q1 GDP, fiscal deficit, and infrastructure sector output for July (all releasing on August 31) will take the spotlight.

Globally, attention will turn to the US as Q2 GDP data becomes available on August 29. Manufacturing PMI data for August is anticipated from major economies such as the US, UK, Japan, China, and the Eurozone. Unemployment reports from Japan (August 28) and the US (September 1) will also be closely watched for their impact on global markets.

IPOs Ahead

Additionally, seven new IPOs are on the horizon – three on the main boards and one in the SME segment, with three main board IPOs and one SME IPO closing for subscription.

On Monday, Pharmaceutical distributor Mono Pharmacare is set to launch its IPO, with a price range of Rs 26-28 per share. The Ahmedabad-based company aims to raise Rs 14.84 crore through a fresh issue of 53 lakh shares, constituting 30 per cent of the total post-issue equity. Of this, 10 per cent is reserved for qualified institutional buyers, while high-net-worth individuals and retail investors each have a 45 per cent allocation. The funds will primarily be used for working capital and general corporate purposes. The IPO closes on August 30, with equity shares listing on the NSE SME on September 7.


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