Jain Irrigation Systems jumps on entering into a tie up with IDBI Bank

19 Jun 2013

Jain Irrigation Systems is currently trading at Rs. 55.90, up by 1.30 points or 2.38% from its previous closing of Rs. 54.60 on the BSE.

The scrip opened at Rs. 54.55 and has touched a high and low of Rs. 56.20 and Rs. 54.15 respectively. So far 1, 07,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 92.35 on 06-Jul-2012 and a 52 week low of Rs. 53.90 on 11-Jun-2013.

Last one week high and low of the scrip stood at Rs. 58.00 and Rs. 54.00 respectively. The current market cap of the company is Rs. 2,484 crore.

The promoters holding in the company stood at 27.46%, while Institutions and Non-Institutions held 52.08% and 20.24% respectively.

Jain Irrigation Systems (JISL) has entered into a tie up arrangement with IDBI Bank for financing Minor Irrigation Systems to individual farmers. As per the tie-up JISL will assist the Bank in identifying eligible farmers with a requirement for micro irrigation systems, crop management services, etc. This will help farmers to increase their acreage under irrigation by minimal use of available water resource.

It is expected that a large number of farmers will be financed through this tie-up in the coming months as use of water-saving methods like drip and sprinkler irrigation method, are being encouraged by various State Governments. The tie-up provides assistance to farmers across all the branches of the Bank wherever JISL has a dealer network.

Jain Irrigation is a farmer-centric company and micro irrigation has been its mainstay since the mid-1980s. The company has pioneered a green revolution through micro-irrigation technology, which comprises mainly of drip and sprinkle systems.

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