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Reliance Industries stock increases by 3% on news that RIL is best positioned to dominate India’s e-commerce business

Reliance Industries Limited (RIL) stock rose by 3% on the National Stock Exchange (NSE) after a report stated that the company is best positioned to lead India’s e-commerce market. The report by market research firm Kantar was released on April 7, 2021.

RIL shares rose to a high of Rs 1988.95 in intraday trade on the NSE, before settling at Rs 1974.90, entailing a rise of 3%. This is the highest closing for the stock in the last three weeks.

The report has projected that the prolonged lockdowns and Covid-19 pandemic restrictions led to an online transactions boom, with the gross merchandise value (GMV) of online retail doubling from about Rs 1.3 trillion in the June 2020-February 2021 period last year to Rs 2.7 trillion between December 2020-February 2021 this year.

It further pointed out that the gap between the top two e-commerce players, Walmart-owned Flipkart and Amazon, respectively has narrowed, with the latter pipping the former in February this year.