Ambani's Diwali Gift: Reliance Announces Bonus Shares for 37 Lakh Shareholders - Read Now

Reliance Industries, under the leadership of Mukesh Ambani, has given its 37 lakh shareholders a Diwali gift by announcing bonus shares. The record date for the bonus shares has been set for October 28, 2024, ensuring that shareholders will receive their bonus shares just before the festive season. This move is expected to bolster investor sentiment, adding value to those holding Reliance stocks.

The company will issue bonus shares in a 1:1 ratio, meaning shareholders will receive one bonus share for every share they hold. This announcement was made in the regulatory filing submitted to the stock exchanges, where it was confirmed that the shareholders have approved the decision. The bonus share declaration follows the announcement made during the Annual General Meeting on August 29, 2024, and finalized by the company’s board on September 5, 2024.

Currently, Reliance Industries shares are performing steadily. Various brokerage firms have given their outlook on the stock, with HDFC Securities setting a target price of ₹3,350 with an 'ADD' rating, while Nomura has recommended a ‘Buy’ rating with a target of ₹3,450. CLSA maintains an 'Outperform' rating with a target price of ₹3,300, and UBS has kept a ‘Buy’ rating with a target price of ₹3,250.

However, the company’s recent quarterly results showed a slight dip, with consolidated net profit falling by about 5% year-on-year (YoY) due to weaker performance in its oil refining and petrochemical segments. Despite this, the bonus share announcement reflects the company’s commitment to rewarding its shareholders and boosting investor confidence.