Jain Irrigation firms up after winning project

Jain Irrigation Systems rose 2.56% to Rs 114.35 at 10:42 IST on BSE after the company said it won an integrated drip irrigation project worth Rs 287.66 crore.

The announcement was made during trading hours today, 6 March 2018.

Meanwhile, the S&P BSE Sensex was up 114.86 points, or 0.34% to 33,861.64.

On the BSE, 3.18 lakh shares were traded in the counter so far compared with average daily volumes of 6.97 lakh shares in the past two weeks. The stock had hit a high of Rs 114.90 and a low of Rs 112.40 so far during the day. The stock hit a 52-week high of Rs 150.40 on 29 January 2018. The stock hit a 52-week low of Rs 82.80 on 24 May 2017.

Jain Irrigation Systems has bagged order for integrated irrigation solution project in Karnataka. Visvesvaraya Jala Nigam, a division of Water Resources Department of Karnataka, has placed this order on the company through national competitive bidding. The value of the project is Rs 287.66 crore. The company expects to complete the project in 24 months.

On a consolidated basis, net profit of Jain Irrigation Systems rose 868.06% to Rs 67.28 crore on 30.78% rise in net sales to Rs 1889.63 crore in Q3 December 2017 over Q3 December 2016.

Jain Irrigation Systems (JISL) is engaged in providing solutions in agriculture, piping, infrastructure through manufacturing of micro irrigation systems, PVC pipes, HDPE pipes, plastic sheets, agro processed products, renewable energy solutions, tissue culture plants, financial services and other agricultural inputs.

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