Jain Irrigation Systems rose 3.78% to Rs 65.95 at 9:54 IST on BSE after the company said it won an order worth Rs 473 crore from Maharashtra State Electricity Distribution Company to supply solar agri pump tenders.
The announcement was made during trading hours today, 4 November 2015.
Meanwhile, the BSE Sensex was up 137.61 points, or 0.52%, to 26,728.20.
On BSE, so far 3.03 lakh shares were traded in the counter, compared with an average volume of 4.02 lakh shares in the past one quarter.
The stock hit a high of Rs 66 and a low of Rs 64.50 so far during the day. The stock hit a 52-week high of Rs 92.35 on 5 November 2014. The stock hit a 52-week low of Rs 50.55 on 25 August 2015.
The stock had underperformed the market over the past one month till 3 November 2015, rising 0.32% compared with 1.41% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 15.88% as against Sensex's 5.66% decline.
The small-cap company has an equity capital of Rs 88.62 crore. Face value per share is Rs 2.
Jain Irrigation Systems (JISL), has bagged Maharashtra State Electricity Distribution Co's (MSEDCL) tender for supply and installation of 8,959 solar agri pumps. This is the first pilot phase out of the world's biggest solar agri pump project for 5 lakh pumps launched by Government of Maharashtra through MSEDCL. The tender will be executed by projects division of the micro irrigation segment of the company and will also create additional sales opportunity for micro irrigation systems to individual farmers.
Jain irrigation has emerged as the largest winner among all the 14 tenders floated by MSEDCL. The tender is expected to be serviced over next 6 to 12 months with further operational and maintenance support to the farmers for next 5 years.
This project in Maharashtra covers 20 districts including major quantities in the drought hit districts such as Buidhana, Akola, Washim, Yavatmal, Amravati and Wardha. Under this project 3, 5 & 7.5 horse power (HP) capacity pumpsets comprising of 4,559 AC pumps and 4,400 DC pumps are to be installed according to beneficiary farmer's water requirement, crop pattern and land availability, etc. The beneficiaries of this project include small and marginal farmers based out of drought hit areas and traditional farmers not having access to electricity.
Jain Irrigation has pioneered, developed and is the only manufacturer of complete DC solar agri pump systems in the world. Over last few years, JISL has installed more than 15,000 solar agri pump sets across India in 8 to 9 states which is more than 50% of the total installations in the country till date.
On a consolidated basis, Jain Irrigation Systems' net profit declined 6.81% to Rs 18.76 crore on 2.53% rise in net sales to Rs 1569.13 crore in Q1 June 2015 over Q1 June 2014.
Jain Irrigation Systems (JISL) 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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