Jain Irrigation Systems gains on inking pact with Kibbutz Naan

14 May 2012

Jain Irrigation Systems is currently trading at Rs. 75.95, up by 0.45 points or 0.60% from its previous closing of Rs. 75.50 on the BSE.

The scrip opened at Rs. 76.80 and has touched a high and low of Rs. 79.85 and Rs. 75.80 respectively. So far 887355 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 183.70 on 11-Jul-2011 and a 52 week low of Rs. 73.10 on 09-May-2012.

Last one week high and low of the scrip stood at Rs. 79.85 and Rs. 73.10 respectively. The current market cap of the company is Rs. 3077.35 crore.

The promoters holding in the company stood at 30.35% while Institutions and Non-Institutions held 53.98% and 15.20% respectively.

The irrigation and sustainable agriculture giant, Jain Irrigation Systems has signed an agreement with Kibbutz Naan, to acquire the remaining 50% of the irrigation solutions company -- NaanDanJain -- which up till now was jointly equally owned by Jain Irrigation and Kibbutz Naan. This acquisition realizes the call option that the Indian company Jain Irrigation has held since acquiring the first 50% in 2007.

Since signing the first agreement in 2007, NaanDanJain has increased its sales turnover more than 25%. In the past 5 years, more than Rs 125 crore have been invested in the company in innovative drip irrigation and sprinklers equipment both in Israel and in NaanDanJain subsidiaries worldwide. Investments in research and development have also increased.

The co-operation between Jain and NaanDanJain opened new markets for the company, and the basket of products and services manufactured by both companies together produces the widest range in the world -- and thus realizes the One Stop Shop concept Jain introduced latest state-of-the-art technology to NaanDanJain in drip lines-tapes and NaanDanJain offered worlds best sprinklers and dripper products to Jain.

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