Winning Bizness Desk
Mumbai. In a significant announcement at the 47th Annual General Meeting (AGM) of Reliance Industries Limited (RIL), Chairman Mukesh Ambani revealed the launch of the Jio AI Cloud Welcome Offer, providing up to 100GB of free cloud storage to Jio users. This groundbreaking offer, which will be available from Diwali 2024, allows users to store photos, videos, documents, and other digital content securely on the cloud. The announcement underscores Reliance Jio's rapid ascent, as it now holds the title of the world's largest mobile data company. During the AGM, Ambani also hinted at a potential 1:1 bonus share issuance, with further details to be announced on September 5. Reflecting on Jio’s journey, Ambani highlighted that in just eight years, Jio has revolutionized the mobile data landscape, with each user consuming an average of 30GB of data per month at a cost significantly lower than the global average.
Key Highlights from the AGM
Revenue Milestone: Jio continues to be the fastest-growing digital company in India, with its revenue surpassing ₹1 lakh crore. The company played a pivotal role in transforming the country from a 5G-dark region to a 5G-bright nation, completing its nationwide 5G rollout last year.
Jio Phonecall AI Launch: A new AI-powered service, JioPhonecall AI, was introduced, bringing advanced AI features to everyday phone calls for Jio users. This service enables users to record, transcribe, and translate phone conversations, marking a significant step forward in integrating AI into daily life.
Jio Home Innovations: Akash Ambani, Chairman of Jio, announced new features for Jio Home, including the launch of Jio TV OS for set-top boxes. The updated setup will be enhanced by AI, making it easier and more intuitive for users.
Solar Photovoltaic Module Production: Mukesh Ambani announced that by the end of 2024, Reliance will begin producing photovoltaic (PV) modules. The first phase of the Integrated Solar Production Facility, which includes modules, cells, glass, wafers, ingot, and polysilicon, is set to be completed in the upcoming quarters with an initial annual capacity of 10 GW.
Stock Performance and Financial Highlights
On the day of the AGM, Reliance’s stock price closed at ₹3,042.90, up by 1.55%. Over the past year, the stock has delivered a 25.72% return, although it has seen a modest increase of 4.15% over the last six months. A month ago, Reliance Industries reported a profit of ₹15,138 crore for the April-June quarter of FY 2024-25, a 5.45% decline from the ₹16,011 crore profit recorded in the same quarter last year. However, the company’s revenue rose by 12.04% year-on-year to ₹2,36,217 crore in the same quarter, up from ₹2,10,831 crore.
