Jain Irrigation Systems has dipped over 6% at Rs 81 on reporting a net loss of Rs 16.88 crore for the first quarter ended June 30, 2012, due to higher interest cost and forex loss. The micro-irrigation system solutions provider had reported a net profit of Rs 82.35 crore in the year-ago period. Total income too, declined by 9% at Rs 870 crore on year-on-year basis.
The company has reported forex loss of Rs 67 crore in Q1FY13 against gain of Rs 2 crore in previous year quarter, while interest cost jumped 22% to Rs 115 crore from Rs 95 crore during the quarter under review.
The stock opened at Rs 85 and hit a high of Rs 86 on the BSE. A combined 1.88 million shares have changed hands on the counter in opening trades on both the exchanges.
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