Shares of Jain Irrigation Systems (JISL) surged 17 per cent to Rs 43.90 on the BSE in Wednesday’s otherwise weak market, amid heavy volumes. The spurt comes after the company said it will merge its International Irrigation Business (IIB) with Temasek-owned Rivulis Pte Ltd to cut consolidated debt. The cash proceeds will be used to pay off Rs 2,700 crore of overseas debt.
In the past two trading days, the stock has zoomed 40 per cent from a level of Rs 31.25 on Monday. At 09:29 AM, it was trading 14 per cent higher at Rs 42.75, as compared to 0.94 per cent decline in the S&P BSE Sensex. Trading volumes on the counter jumped over four-fold with a