Jain Irrigation gains after two block deals

Jain Irrigation Systems rose 2.16% to Rs 52 at 11:50 IST on BSE after two block deals aggregating 13.01 lakh shares were executed on BSE at Rs 52 per share.

A block deal of 2.5 lakh shares was executed at 9:37 IST while another block deal of 10.51 lakh shares was executed at 10:40 IST. The two block deals constitute 0.28% of Jain Irrigation Systems' equity.

Meanwhile, the S&P BSE Sensex was up 430.52 points or 2.32% at 18,998.07.

On BSE, 14.03 lakh shares were traded in the counter as against average daily volume of 5.22 lakh shares in the past one quarter.

The stock hit a high of Rs 52.90 and a low of Rs 51.40 so far during the day. The stock had hit a 52-week high of Rs 86.40 on 15 January 2013. The stock had hit a 52-week low of Rs 46.10 on 1 August 2013.

The stock had outperformed the market over the past one month till 4 September 2013, surging 6.15% compared with the Sensex's 3.11% fall. The scrip had, however, underperformed the market in past one quarter, declining 27.9% as against Sensex's 5% fall.

The small-cap company has equity capital of Rs 90.98 crore. Face value per share is Rs 2.

Jain Irrigation Systems reported a consolidated net loss of Rs 60.33 crore in Q1 June 2013, higher than net loss of Rs 48.74 crore in Q1 June 2012. Net sales rose 11.5% to Rs 1386.28 crore in Q1 June 2013 over Q1 June 2012.

Jain Irrigation is a diversified company with product portfolio encompassing irrigation product, piping products, plastic sheets, dehydrated foods, fruit puree, juice concentrates and solar energy systems. Jain Irrigation has pioneered drip irrigation for small farmers in India and has a major market share in one of the fastest growing irrigation markets in the world and is also the second largest drip irrigation company in the world.

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