Reliance Industries (RIL) held its 42nd annual general meeting (AGM) in Mumbai today, 12 August 2019. RIL's chairman and managing director, Mukesh Ambani, said that Jio Fiber Services will be launched on commercial basis on 5 September 2019, the third anniversary of Jio's launch. RIL plans to reach 20 million residences and 15 million business establishments in 1,600 towns.
Premium Jio Fiber customers will be able to watch movies in their living rooms the same day these movies are released in theatres. Reliance Jio plans to launch this service in the middle of 2020. Jio Fiber customer will get HD/4K TV and 4K set-top box free as a welcome offer, Mukesh Ambani said.
Shares of RIL rose 0.87% to settle at Rs 1,162 on Friday, 9 August 2019. Domestic equity market is shut today on account of Bakri Id. The stock had underperformed the market over the past one month, falling 9.18% compared with 2.97% fall in the Sensex. The stock underperformed the market in past one quarter, sliding 7.42% as against Sensex's 0.06% fall. The stock had also underperformed the market in past one year, declining 4.59% as against Sensex's 1.16% fall.
On consolidated basis, RIL's net profit rose 6.8% to Rs 10104 crore on 21.9% rise in net sales to Rs 156976 crore in Q1 June 2019 over Q1 June 2018.
RIL is engaged in hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.