Updated Jun 22, 2024 | 05:55 PM IST
RIL Share Price Target 2024: Al-Rumayyan, who also heads Saudi Arabia’s Public Investment Fund—one of the world’s largest sovereign wealth funds—was initially appointed to the Reliance board in 2021 for a three-year term, which ends on July 18, 2024. He has now been reappointed until July 18, 2029.
RIL Share Price Target 2024: The resolution for the reappointment of Al-Rumayyan was passed with 83.97% voting in favour, while 16.02% voted against it. (Image: iStock/Jio Institute/ET NOW News)
RIL Share Price Target 2024: Reliance Industries’ shareholders have approved the reappointment of Saudi Aramco Chairman Yasir Othman H Al-Rumayyan as an independent director on the company’s board for five years, but more than 16% voted against the proposal, PTI reported.
In a stock exchange filing, Reliance stated that its shareholders, through a postal ballot, endorsed the reappointment of Al-Rumayyan, along with the appointment of Haigreve Khaitan as an independent director on the board. They also approved the reappointment of long-time company executive PMS Prasad as a director for another five years.
The resolution for the reappointment of Al-Rumayyan was passed with 83.97% voting in favour, while 16.02% voted against it, according to the filing.
Al-Rumayyan, who also heads Saudi Arabia’s Public Investment Fund—one of the world’s largest sovereign wealth funds—was initially appointed to the Reliance board in 2021 for a three-year term, which ends on July 18, 2024. He has now been reappointed until July 18, 2029.
Reliance’s board is chaired by its billionaire chairman and managing director Mukesh Ambani, and includes his three children—Isha, Akash, and Anant—along with cousins Hital Meswani and Nikhi Meswani.
Independent directors on the board include former finance secretary Raminder Singh Gujral, former Booz & Company CEO Shumeet Banerji, former SBI chairman Arundhati Bhattacharya, former CVC K V Chowdary, and veteran banker KV Kamath.
RIL Share Price
On Friday, June 21, Reliance Industries’ shares closed at Rs 2,908.40 apiece on NSE, down 1.32 per cent against previous close. About 1,64,82,650 shares changed hand on both NSE and BSE.
During the session, the oil-to-textile company’s stock traded in Rs 2,880.5 to Rs 2,949.05 range. It has a 52-week high of Rs 3,029.90 and a 52-week low of Rs 2,221.05 on NSE.
RIL Share Price Target 2024, 2025
Market expert Nooresh Merani has advised investors to ‘BUY’ the shares of Reliance Industries. The expert has maintained the target price at Rs 3,200 apiece. He has also set the stop loss for the stock at Rs 2,900 per share.
Kotak Institutional Equities, earlier in May, had assigned an ADD rating to Reliance Industries’ shares. The brokerage in its report dated May 3, 2024, had set the target at Rs 3,200 per share.
RIL Share Price History
RIL commands a market cap of Rs 19,66,686.57 crore, as of June 21’s closing. As per BSE analytics, the company’s stock has offered a return of 13.45 per cent in the last six months, 22.85 per cent in the last one year, 122.88 per cent in the last five years and a whopping 512.46 per cent in the last ten years to its investors.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
