Reliance shares rise on growth initiatives, CLSA targets ₹1,800

Reliance Industries Ltd (RIL) shares surged nearly 3% to an intraday high of Rs 1,344.90 on June 22, 2026, the trading day after the conglomerate's 49th annual general meeting, where Chairman Mukesh Ambani outlined a broad growth agenda spanning artificial intelligence, clean energy, and a landmark public offering for Jio Platforms.

The Jio Platforms IPO is the headline announcement from the AGM. Ambani said Jio's Board has cleared the offering and that the DRHP will be submitted to SEBI. The raise is expected to approach $4 billion, which would make it potentially the largest public offering in Indian history. Brokerages including Motilal Oswal identified the DRHP filing and Jio listing as the primary near-term value-unlocking trigger.

For data and technology practitioners, the AI push is the most directly relevant element. Ambani described a full-stack AI ecosystem for India, with investments spanning data centres, cloud computing, enterprise tools, and consumer applications. The company unveiled India-focused AI applications - JioBharatIQ, AI Vyapar, JioHealthIQ, JioLearnIQ, and JioKrishiIQ - designed to deliver affordable AI services across 22 Indian languages. CLSA's research noted that the AGM 'highlighted AI as a core technology being deployed across Reliance's businesses,' with compute capacity commissioning targeted by end of 2026. CLSA also noted that its current valuation of RIL assigns no value to the company's AI, FMCG, media, new materials, or export businesses - framing the AI segment as significant upside optionality not yet priced in.

The new energy business is approaching commercialisation: solar module and energy storage system production is expected in FY27. Jefferies reiterated a buy rating at Rs 1,675, highlighting integrated manufacturing and export expansion, with FMCG revenues targeting Rs 1 trillion by FY30. Management's headline financial target is to more than double consolidated EBITDA over the next five years.

CLSA: Outperform, target Rs 1,800 (roughly 35% upside from pre-rally levels). Jefferies: Buy, Rs 1,675. Motilal Oswal: Buy, Rs 1,655. All three identified AI, Jio IPO, and new energy as primary drivers of their bullish view.