Reliance Industries shares jump 2%. Is it about AGM or what China is doing?
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Shares of India's most valued company, Reliance Industries (RIL), on Tuesday jumped over 2% to reverse losses made in the last 2 days when investors were a tad disappointed with the AGM announcement of Jio IPO, as it left the parent entity with a holding company discount. Today's rally is now being attributed to not just the positive long-term outlook of brokerages following the AGM, where billionaire Mukesh Ambani laid out ambitious plans and called AI and FMCG as new growth engines for the conglomerate, but also to a Morgan Stanley report, which said RIL benefits the most from China’s push to curb overcapacity from a gamut of industries. The global brokerage said Reliance is the largest beneficiary of China’s anti-involution focus across energy and solar supply chains. “Reliance is going through self-anti-involution in consumer businesses and benefiting from China’s anti-involution drive in multiple ways – both of which are not ...