Jain Irrigation recovers after bagging order

Jain Irrigation Systems gained 1.29% to Rs 94.05 at 11:00 IST on BSE after the company said that its pipe division bagged an order worth Rs 178.40 crore in Gujarat.

The announcement was made during market hours today, 16 October 2017.

Meanwhile, the S&P BSE Sensex was up 66.15 points, or 0.2% to 32,498.84. The S&P BSE Mid-Cap index was up 1.77 points or 0.01%, to 15,968.46, underperforming the Sensex.

On the BSE, 2.14 lakh shares were traded in the counter so far, compared with average daily volumes of 4.9 lakh shares in the past one quarter. The stock had hit a high of Rs 94.70 and a low of Rs 93 so far during the day. The stock had hit a 52-week high of Rs 119.80 on 25 April 2017. The stock had hit a 52-week low of Rs 79.80 on 22 December 2016.

The stock had dropped 6.87% in four sessions to Rs 92.85 on 13 October 2017, from a close of Rs 99.70 on 9 October 2017.

The stock had underperformed the market over the past one month till 13 October 2017, falling 11.66% compared with the Sensex's 0.77% gains. The stock had also underperformed the market over the past one quarter, declining 11.66% as against the Sensex's 1.23% rise. The scrip had also underperformed the market over the past one year, dropping 0.16% as against the Sensex's 17.33% rise.

The mid-cap company has equity capital of Rs 99.27 crore. Face value per share is Rs 2.

Jain Irrigation Systems said that the order is for supplying, installing and testing of underground pipeline (UGPL) system of sub minor for irrigation through kundies in Chak area for Sardar Sarovar Project command. The company will execute the work in 15 months.

Nearabout 200 villages of six talukas of three districts of Gujarat will be benefitted through this project.

Jain Irrigation Systems' consolidated net profit fell 23.7% to Rs 46.98 crore on 1.3% rise in net sales to Rs 1681.22 crore in Q1 June 2017 over Q1 June 2016.

Jain Irrigation Systems is engaged in the manufacturing of micro irrigation systems, poly vinyl chloride (PVC) pipes, high density poly ethylene (HDPE) pipes, plastic sheets, agro processed products, renewable energy solutions, tissue culture plants, financial services and other agricultural inputs.

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