 "Jain Irrigation Systems sees 6% surge on MoU with Indian Coffee Board")
Jain Irrigation Systmes stock rises: Shares of Jain Irrigation Systems soared up to 6.38 per cent, reaching an intraday peak of Rs 71 per share on Friday, August 23, 2024.
The uptick follows the company's recent signing of a memorandum of understanding (MoU) with the Coffee Board of India, aimed at the commercial launch of advanced, high-quality, disease-resistant coffee plants.
In its exchange filing, Jain Irrigation Systems highlighted its achievement as the world's first to develop a Tissue Culture protocol for coffee varieties. The MoU with the Coffee Board of India marks a major milestone, poised to revolutionise the coffee industry.
Ajit Jain, managing director, Jain Irrigation, said, “We are extremely proud to introduce to the world an elite coffee- a disease free, genetically uniform and high yielding variety – bringing prosperity to Indian coffee farmers and putting Indian coffee on the global map.”
The tissue-cultured coffee plants developed by Jain are Elite Mother Plants, renowned for their high yield, superior cup quality, and balanced canopy structure. They are disease-free, robust, and genetically uniform. These plants are designed to thrive when integrated with Jain’s Precision Farming Packages, promoting efficient and sustainable coffee cultivation. Jain Irrigation is also welcoming bulk contract propagation from institutions, planter associations, and individual coffee estate owners to broaden the reach of these innovative solutions.
KG Jagadeesha, Secretary and CEO of the Coffee Board said, “For the first time in the world, we have standardised the tissue culture technology for coffee in India. The coffee plants multiplied using the tissue culture protocols have been evaluated on the fields for the past few years. They are performing much better than the regular varieties. As part of the MoU, Jain Irrigation will multiply and sell the identified coffee plants to growers directly while paying a royalty to the Board.”
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Jain Irrigation Systems Limited (JISL) is a major Indian multinational company with over 12,000 associates worldwide and a revenue of $1 billion. The company operates manufacturing plants in 30 locations globally and provides solutions across agriculture, piping, and infrastructure, including Micro Irrigation Systems, PVC Pipes, HDPE Pipes, Plastic Sheets, Agro Processed Products, Renewable Energy Solutions, Tissue Culture Plants, and Financial Services.
For over 34 years, JISL has been at the forefront of modern irrigation systems and innovative agricultural technologies, majorly boosting crop yields for more than 10 million small farmers. The company is a pioneer in IoT within the agriculture sector and is dedicated to creating global solutions with precision agriculture. Its food processing brand, ‘Jain FarmFresh,’ is globally recognised for quality and consistency.
At 9:31 AM, shares of Jain Irrigation were trading 5.51 per cent higher at Rs 70.42 per share. In comparison, BSE Sensex was trading 0.03 per cent lower at 81,030.77 levels.