Reliance Industries jumps 2% on JV with Abu Dhabi Chemicals

Mukesh Ambani, chairman and managing director RIL said, "We are happy that we will be setting up the first projects in the vinyl chain in the UAE at TA’ZIZ Industrial Chemicals Zone, which is being developed into a global hub for chemicals".

"India's need for PVC to propel its growth, and the value from the abundantly available feedstock in UAE, provides a win-win partnership for both companies. Close cooperation in the region based on shared objectives is key as we optimise resources and work together to enrich the lives of our citizens," Ambani added.

At 9:36 am, Reliance Industries shares were trading 1.6 percent higher at Rs 2,420.4 on BSE.  The stock has been gaining for the last two days and has risen over 2 percent during the period.

Year-To-Date, RIL's stock has gained 22 percent whereas benchmark Nifty50 has risen 24 percent.

On Tuesday, Goldman Sachs had reiterated a 'buy' recommendation on Reliance Industries and raised its target price by 12 percent to Rs 3,185. This is to factor in the conglomerate's new energy capital expenditure, earnings and valuation in its numbers.