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Reliance Industries Ltd (RIL) shares bucked the overall negative trend for much of the session on Dalal Street on Monday but failed to finish the day in the green, as investors closely tracked announcements at the oil-to-telecom conglomerate's 45th annual general meeting (AGM).

The RIL stock gained as much as 1.3 percent to touch Rs 2,653.3 apiece on BSE, but settled at Rs 2,596.8 apiece, down 0.8 percent from its previous close.

Catch highlights of the RIL AGM here

Reliance Industries shares have rewarded investors with a return of more than 4 percent in the past month, a period in which the Nifty50 benchmark has risen a percent.

Several brokerages have seen more upside in their target prices for the RIL stock in the past few days.

CLSA has a 'buy' call on the Reliance stock with a target price of Rs 3,180, which implies a 21 percent upside from Friday's closing price.

The brokerage believes that in its upcoming AGM, Reliance Industries may lay out steps in its plan to becoming an integrated new energy player.

Last week, Morgan Stanley raised its target price for Reliance though maintaining a ‘hold’ rating for the stock. Its revised its target price by 1.6 percent to Rs 2,620.

Morgan Stanley expects to hear about the group’s 5G telecom business aspirations and distribution plans at the AGM.

Indian equity benchmarks saw sharp losses after Fed Chair Jerome Powell's more-hawkish-than-expected remarks, at the annual Jackson Hole symposium last week, sent shockwaves across global markets.

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First Published:Aug 29, 2022 12:36 PM IST