Jain Irrigation gains on bargain hunting

Jain Irrigation Systems rose 1.69% to Rs 57.30 at 12:17 IST on BSE on bargain hunting after the stock fell 11.05% in the preceding two trading sessions to Rs 56.35 on 4 April 2013 from a recent high of Rs 63.35 on 2 April 2013.

Meanwhile, the BSE Sensex was down 113.06 points, or 0.61%, to 18,396.64.

On BSE, 1.99 lakh shares were traded in the counter as against an average daily volume of 6.74 lakh shares in the past one quarter.

The stock hit a low of Rs 55.60 so far during the day, which is also a 52-week low for the counter. The stock hit a high of Rs 58.15 so far during the day. The stock had hit a 52-week high of Rs 103.75 on 4 April 2012.

The stock had underperformed the market over the past one month till 4 April 2013, sliding 6.55% compared with the Sensex's 1.95% fall. The scrip had also underperformed the market in past one quarter, sliding 28.63% as against Sensex's 6.44% fall.

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

Jain Irrigation Systems' reported net loss of Rs 31.17 crore in Q3 December 2012, as against net profit of Rs 1.24 crore in Q3 December 2011. Net sales declined 8.1% at Rs 750.21 crore in Q3 December 2012 over Q3 December 2011. Jain Irrigation attributed net loss in Q3 December 2012 mainly due to unrealized forex loss of Rs 57 crore. Jain Irrigation Systems' order book stood at Rs 891 crore as on 31 December 2012.

Jain Irrigation Systems is a diversified company with a product portfolio encompassing irrigation products, piping products, plastic sheets, dehydrated foods, fruit puree and juice concentrates. Jain Irrigation has pioneer 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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