Billionaire Mukesh Ambani takes the podium today for Reliance Industries Ltd.'s 49th annual general meeting (AGM) at 2 pm, with shareholders eagerly awaiting a definitive Jio IPO date as the company's stock faces significant pressure. According to reports from ETMarkets, Reliance shares are down 17% from their 52-week high as turmoil in the Gulf weighs on the conglomerate's core refining business, with the stock falling 16% so far this year and making it one of the worst performers on the benchmark BSE Sensex. The slide has wiped $19 billion off Ambani's fortune, knocking him off the top spot in Asia's rich list and pushing him to No. 3 in the region, according to the Bloomberg Billionaires Index. Investors are looking to Friday's meeting for a firm IPO timeline or a delay announcement, with analysts describing this year's AGM as important because several major promises are approaching their deadlines.
Mukesh Ambani confirmed the Jio IPO timeline during the AGM, stating that the Jio Platforms listing is expected to be India's biggest public issue. As reported by The Economic Times, Ambani emphasized the retail business's impressive scale, profitability, and ambitious growth plans, while steering clear of any timeline for the much-anticipated Reliance Retail IPO. The Jio IPO filing deadline lapses on June 30, adding urgency to Ambani's address as the company promised to bring India's largest wireless carrier to market by the first half of 2026. Jio's investor roster reads like a who's-who of global capital, including Meta Platforms Inc., Alphabet Inc., Saudi Arabia's Public Investment Fund, Mubadala Investment Co., the Abu Dhabi Investment Authority, Silver Lake Management, KKR & Co., Vista Equity Partners and General Atlantic. The path for the Jio IPO was cleared in March when the government approved changes to listing requirements specifically to facilitate the country's biggest deals.
Mukesh Ambani refrained from offering any timeline for the much-awaited Reliance Retail IPO at the AGM, choosing instead to highlight the business's operating performance and its expanding role in India's consumption landscape. As reported by The Economic Times, Ambani emphasized that "Reliance Retail walked into the lives of every Indian family" and focused on the business's founding philosophy of providing better quality, better choice, better value, with consistent innovation across offline and online channels. The absence of any IPO commentary comes even as Reliance is preparing to launch the proposed listing of Jio Platforms, which is expected to be India's biggest public issue. Analysts maintain an Outperform rating and ₹1,800 target price for Reliance shares, with the stock trading within 5% of CLSA's stress-case value.
IT stocks faced significant pressure following Accenture's third-quarter results, where the company marginal missed revenue estimates and narrowed its annual revenue growth forecast. As reported by CNBC TV18, the American Depository Receipts (ADRs) of Infosys and Wipro fell about 4.5% in pre-market trading, with Infosys ADRs trading over 7% lower at $10.86 and Wipro ADRs declining over 8%. The weakness was visible across the sector, with Cognizant Technology Solutions falling more than 8% in premarket trade.
US stocks advanced on Thursday as traders moved to recover after the Federal Reserve signalled the possibility of a rate hike this year. According to CNBC TV18, the S&P 500 rose 0.8%, while the Nasdaq Composite gained 1%. The Dow Jones Industrial Average added 210 points, or 0.4%. Chip stocks led gains, with Intel surging 7% after President Donald Trump announced the company will partner with Apple to design chips in the US. Other semiconductor stocks also moved higher, with Nvidia and Micron Technology rising more than 1% and about 6% respectively.
