Reliance Industries gains on heavy volumes

Reliance Industries (RIL) is trading higher by about 3% at Rs 867, on the back of heavy volumes on reports that the company has selected Jacobs Engineering Group Inc for engineering and procurement services at Jamnagar complex.

The stock opened at Rs 846 and hit a high of Rs 868 on the NSE. A combined 1.66 million shares have already changed hands on the counter so far against an average around 3 million shares that were traded daily in past two weeks.

“Jacobs, one of the world's largest and most diverse providers of technical, professional, and construction services, will provide engineering and procurement assistance services for the construction of offsites and utilities facilities for a cracker complex at the Jamnagar refining and petrochemical complex in Gujarat,” the media report suggests.

 

Meanwhile, Nomura increased its price target on the stock to Rs 1,000 citing an improvement in exploration and production sentiments. This is the second upward revision in RIL stock price this week. On Monday, CLSA had raised its target price on the stock to Rs 930.

The board of directors of the company is schedule to meet on January 18, 2013, to consider and approve the un-audited financial results of the company for the quarter ended December 31, 2012 (Q3).