Jain Irrigation spurts after posting good Q4 results

Jain Irrigation Systems jumped 6.91% to Rs 92 at 11:45 IST on BSE after consolidated net profit rose 23.96% to Rs 77.6 crore on 9.58% rise in revenue from operations to Rs 2286.5 crore in Q4 March 2017 over Q4 March 2016.

The result was announced after market hours yesterday, 24 May 2017.

The stock had dropped 13.08% in six sessions to settle at Rs 86.05 yesterday, 24 May 2017 from a close of Rs 99 on 16 May 2017 ahead of the results.

Meanwhile, the S&P BSE Sensex was up 162.39 points, or 0.54% to 30466.97. The S&P BSE Mid-Cap index was up 91.27 points, or 0.65% to 14,128.97.

Higher than usual volumes were witnessed on the counter. On the BSE, 10.92 lakh shares were traded in the counter so far, compared with average daily volumes of 7.38 lakh shares in the past one quarter. The stock had hit a high of Rs 93.55 and a low of Rs 88.75 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 62.50 on 24 May 2016.

The stock had underperformed the market over the past one month till 24 May 2017, dropping 22.48% compared with 2.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 8.16% as against Sensex's 4.88% rise.

The mid-cap company has equity capital of Rs 92.03 crore. Face value per share is Rs 2.

Jain Irrigation Systems said that revenue growth was seen by registering positive growth in all the business divisions.

The company said that the board of directors of the company recommended dividend of Rs 0.75 per share for the year ended 31 March 2017 (FY 2017).

The company's total order book stands at Rs 2107 crore.

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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