Jain Irrigation spikes up by 5 per cent
DSIJ Intelligence / 13 Nov 2017
The stock of Jain Irrigation Systems shot up around 5% as the company bags Rs. 127 crore micro-irrigation project in Maharashtra.
The stock of Jain Irrigation Systems shot up around 5% as the company bags Rs. 127 crore micro-irrigation project in Maharashtra.
The company announced on Monday that it has bagged an order from the government of Maharashtra for Waghur Canal Integrated Project. The project is under Tapi Irrigation Development Corporation. The company won the project through an e-tendering process held by the state government.
Earlier, the company's board had approved a plan to explore IPO of its food subsidiary, Jain Farm Fresh Foods Limited in FY19.
Last week, Jain Irrigation had reported consolidated revenue of Rs. 1,598.2 crore for the second quarter, posting 8.1% yoy increase. While the company's PAT for the quarter came in at Rs. 14.3 crore, which is a decline of 52.4% on a yoy basis. This was due to 11.7% increase in its depreciation expense.
On Monday, the stock of Jain Irrigation was trading at Rs. 98.85 per share, higher by 2.86 per cent during pre-lunch hours.
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