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Jain Irrigation gains ground after winning project

Capital Market 

Jain Irrigation Systems gained 2.13% to Rs 100.50 at 14:15 on after the company said that its pipe division has bagged Bhusawal, water supply project of Rs 84.50 crore.

The announcement was made during market hours today, 9 October 2017.

Meanwhile, the S&P Sensex was up 63.98 points, or 0.2% to 31,878.20. The S&P Mid-Cap index was up 0.44 points, to 15,840.59.

On the BSE, 3.38 lakh shares were traded in the counter so far, compared with average daily volumes of 4.8 lakh shares in the past one quarter. The stock had hit a high of Rs 100.85 and a low of Rs 97.70 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 has gained 6.34% in four sessions to its ruling price, from a close of Rs 94.50 on 3 October 2017.

The stock had underperformed the market over the past one month till 6 October 2017, falling 5.29% compared with the Sensex's 0.48% gains. The stock had also underperformed the market over the past one quarter, dropping 6.51% as against the Sensex's 1.42% rise. The scrip had also underperformed the market over the past one year, gaining 4.79% as against the Sensex's 13.19% 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 project was won from Bhusawal Municipal Council, through national competitive bidding. The project has received funding under the AMRUT Scheme of the Central Government. The project will be implemented in 24 months. The scheme will take care of water supply to Bhusawal city for the next 30 years. Under the project, water will be delivered from Tapi river to the people staying in Bhusawal city.

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 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 09 2017. 14:39 IST