Jain Irrigation gains after winning irrigation project

Jain Irrigation Systems rose 1.89% to Rs 75.50 at 11:20 IST on BSE after the company said it has received letter of intent from Government of Madhya Pradesh to execute the Mohanpura project.

The announcement was made before trading hours today, 20 July 2018.

Meanwhile, the S&P BSE Sensex was up 160.47 points, or 0.44% to 36,511.70.

On the BSE, 6.53 lakh shares were traded in the counter so far compared with average daily volumes of 8.54 lakh shares in the past two weeks. The stock had hit a high of Rs 77.30 and a low of Rs 74.40 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 72.65 on 19 July 2018.

Jain Irrigation has received Letter of Intent from Water Resources Department, Government of Madhya Pradesh to execute the Mohanpura major project. The Mohanpura Major project is the largest of its kind, future ready micro irrigation project. In this project, the total cultivable command area of 228,475 acre is to be brought under micro irrigation. The value of the project is Rs 975 crore and the project is to be completed in 36 months. The project Mohanpura is located in Rajgarh district.

The project involves survey, design, engineering, planning and execution of various components like pump houses and pumping machinery electrical sub stations, delivery chambers, civil work, up-gradation of Rojya Dam, MS rising mains, distribution network up to 1 Ha chak, automation, SCADA for the pumping and network system and operation and maintenance for three years after completion.

On a consolidated basis, net profit of Jain Irrigation Systems rose 19.4% to Rs 92.69 crore on 25.65% rise in net sales to Rs 2777.70 crore in Q4 March 2018 over Q4 March 2017.

Jain Irrigation Systems 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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