Jain Irrigation Systems jumps on bargain hunting

Jain Irrigation Systems rose 4.04% to Rs 92.70 at 13:20 IST on BSE on bargain hunting after the stock fell 7.38% in the preceding four trading sessions to Rs 89.10 on 8 September 2014, from a recent high of Rs 96.20 on 2 September 2014.

Meanwhile, the BSE Sensex was down 112.77 points, or 0.41%, to 27,207.08.

On BSE, so far 5.04 lakh shares were traded in the counter, compared with an average volume of 7.57 lakh shares in the past one quarter.

The stock hit a high of Rs 93.40 and a low of Rs 87.70 so far during the day. The stock hit a 52-week high of Rs 133.45 on 8 July 2014. The stock hit a 52-week low of Rs 53.10 on 11 September 2013.

The stock had underperformed the market over the past one month till 8 September 2014, falling 8.29% compared with 7.86% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 24.65% as against Sensex's 7.57% rise.

The mid-cap company has an equity capital of Rs 88.62 crore. Face value per share is Rs 2.

On a consolidated basis, Jain Irrigation Systems reported a net profit of Rs 20.13 crore in Q1 June 2014 compared with net loss of Rs 60.33 crore in Q1 June 2013. Net sales rose 10.4% to Rs 1530.44 crore in Q1 June 2014 over Q1 June 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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