Reliance Industries Ltd (RIL) share ended over 2% higher today amid reports that Mukesh Ambani's Reliance Retail plans to embed its e-commerce application JioMart into WhatsApp in the next six months.
RIL share gained 3.05% to an intraday high of Rs 1996.6 against previous close of Rs 1,937.60 on BSE. The large cap share stands higher than 5 day, 20 day, 50 day and 200 day moving averages but lower than 100 day moving averages.
The share has gained 25.49% in one year and lost 0.06% since the beginning of this year. Later, the share closed 2.37% or Rs 45.90 higher at Rs 1,983 on BSE. Market cap of the firm rose to Rs 12.57 lakh crore.
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According to reports, Mukesh Ambani's Reliance Retail plans to embed its e-commerce application JioMart into WhatsApp in the next six months.
The inclusion of the JioMart app in WhatsApp will provide it unlimited reach to over 40 crore users of WhatsApp in India, and thus help build its online presence. This could potentially pose a bigger challenge to Flipkart and Amazon, which currently dominate the online retail game in India.
JioMart was launched in May 2020 across 200 cities in India. JioMart offers everything from fruits and vegetables to household products on its app, just like Amazon and Flipkart.