The group plans to launch an umbrella portal in December, but there are major challenges in its ability to compete with RIL, Amazon and Walmart-owned Flipkart
Continuing its rally, shares of Reliance Industries Ltd on Thursday zoomed 8.5 per cent and the company's market valuation rose to $199.64 billion in late afternoon trade
RIL stake sale in retail arm will enable it to pursue other growth initiatives while maintaining zero net debt status and also help solidify its position in the market, global rating agencies said
BSE Sensex today settled at 38,840 levels, up 646 points, while NSE's Nifty ended at 11,449, up 171 points
After building a 'digital layer' (Jio Platforms) on top of the existing 'physical layer' of retail shops, RIL would over the next 4 years focus on a third 'layer of commerce', BofA Securities said
Shares of RIL had hit an all-time high of Rs 2,198.70 on July 27, 2020.
RIL's acquisition comes at a time when arch-rival Amazon has just started selling pharmaceutical products in Bangalore markets.
From RBI policy review, Facebook planning further expansion to Voda Idea reporting Q1 loss, here are the top news on Friday morning
The company said the matter pertains to the issue of debentures with convertible warrants two decades ago
All that happened in the markets today
Large-cap MFs risk face risk of losing out on the rally
For the April-June period, RIL reported a profit befote tax (PBT) of Rs 8,542 crore against Rs 14,366 crore in the year-ago period.
Its total income stood at Rs 95,626 crore against Rs 165,199 crore recorded in April-June 2019 indicating improved margins
Revenue from operations came in at Rs 91,238 crore, down 43.8 per cent from the June 2019 quarter
India's complicated e-commerce policy with restrictions on overseas investors may help keep out global retail and e-commerce players
Mukesh Ambani inched to the fifth position in the Forbes' global rich list as Reliance Industries' market capitalisation, topped the Rs 13-trillion mark
In the last one week, the stock of RIL has outperformed the market by surging 12 per cent, as compared to nearly 5 per cent rise in the S&P BSE Sensex.
Ambani, who owns half of RIL's equity, managed to achieve this feat after raising funds from a slew of marquee investors in the Jio wireless telephony business
In dollar terms, the company is now valued at $175 billion, fully-paid shares end at Rs 2,004, up 1.64 per cent, partly-paid shares at Rs 1,107
RIL hit a fresh record high of Rs 2,000 mark, up 1.4 per cent in intra-day trade today.