Jain Irrigation Systems spurts on bargain hunting

Meanwhile, the BSE Sensex was up 510.44 points, or 3.36%, to 15,685.52.

On BSE, 31.43 lakh shares were traded in the counter as against an average daily volume of 3.88 lakh shares in the past one quarter.

The stock hit a high of Rs 83.15 and a low of Rs 78.25 so far during the day. The stock had hit a 52-week low of Rs 74.60 on Tuesday, 20 December 2011. The stock had hit a 52-week high of Rs 234 on 7 January 2011.

The stock had underperformed the market over the past one month until 20 December 2011, falling 35.82% compared with the Sensex's 7.31% decline. The scrip had also underperformed the market in past one quarter, sliding 54.98% as against 11.25% fall in the Sensex.

The mid-cap micro irrigation products maker has an equity capital of Rs 81.03 crore. Face value per share is Rs 2.

Jain Irrigation Systems' net profit fell 81.3% to Rs 11.57 crore on 17.8% rise in net sales to Rs 750.31 crore in Q2 September 2011 over Q2 September 2010. The net profit was weighed due to notional foreign exchange loss due to steep depreciation of rupee against dollar in last fortnight of September 2011.

Jain Irrigation makes drip and sprinkler irrigation systems and components; PVC, polyethylene (HDPE, MDPE) and polypropylene piping systems; plastic sheets (PVC & PC sheets); dehydrated onions and vegetables; processed fruits; tissue culture, hybrid & grafted plants; greenhouses, poly and shade houses; bio-fertilizers; solar water heating systems and solar photovoltaic appliances (solar lighting systems) and bio-energy sources.

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