Jain Irrigation jumps after winning new order

Jain Irrigation Systems rose 4.94% to Rs 127.35 at 14:59 IST on BSE after the company said it won an order worth approximately Rs 100 crore from Himachal Pradesh government.

The company made the announcement during trading hours today, 4 July 2014.

Meanwhile, the BSE Sensex was up 101.68 points, or 0.39%, to 25,925.43.

On BSE, so far 11.95 lakh shares were traded in the counter, compared with an average volume of 9.19 lakh shares in the past one quarter.

The stock hit a high of Rs 128.25 and a low of Rs 120.30 so far during the day. The stock hit a 52-week high of Rs 131.40 on 10 June 2014. The stock 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 3 July 2014, rising 6.31% compared with 3.88% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 82.48% as against Sensex's 14.73% rise.

The mid-cap company has an equity capital of Rs 92.48 crore. Face value per share is Rs 2.

Jain Irrigation Systems said it received letter of intent (LOI) for project by Himachal Pradesh government involving an outlay of approximately Rs 100 crore.

The project is a unique concept of integrated micro irrigation system in hilly terrain and will be a one of its kind project in the world, improving water use efficiency in canal command areas through conduit distribution and on farm management through micro irrigation systems, using pressurized HDPE piping network to irrigate command area of 11,900 acres, Jain Irrigation Systems said in a statement.

The project is located in Tehsil Naduan, District Hamirpur at elevation of 500 meters above main sea level. The project, valued at Rs 97.52 crore, is one of its kind with water saving potential of up to 50%. More than 30,000 farmers from 11,900 acres command area will get assured irrigation. Fourteen panchayats of Hamirpur District, Himachal Pradesh will benefit from the project.

The completion time for project is 24 months from the date of the award of contract, the company said.

Jain Irrigation Systems' net profit jumped 95% to Rs 81.60 crore on 12% growth in net sales to Rs 1353.98 crore in Q4 March 2014 over Q4 March 2013.

Jain Irrigation Systems is engaged in 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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