Mon Oct 28 13:47:21 UTC 2024: ## Reliance Industries Delivers Diwali Surprise: Bonus Shares for Shareholders

**Mumbai, India -** Reliance Industries Chairman Mukesh Ambani has announced a special Diwali gift for the company’s 3.7 million shareholders: a bonus share for every share held. The record date for eligible shareholders was set on October 28, 2024, marking the first such issuance in seven years.

The company’s decision to issue bonus shares received overwhelming support, with 99.92% of shareholders voting in favor. This move signifies a significant boost for investors as their shareholdings will effectively double. The last time Reliance Industries issued bonus shares was in 2017, also following a “one-for-one” model.

Analysts remain optimistic about the future of Reliance Industries stock, with HDFC Securities assigning an “ADD” rating and a target price of Rs 3,350, while Nomura has set a target of Rs 3,450, with a “BUY” rating. The stock closed at Rs 2,655.45 on October 25, 2024, giving Reliance Industries a market capitalization of Rs 17.97 crore.

Despite recent market pressure from geopolitical concerns and selling by Foreign Portfolio Investors (FPIs), Reliance Industries share price has seen a decline of almost 10% in the past month. However, this bonus share announcement is expected to provide a positive boost to the stock’s performance.

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