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Jain Irrigation spurts on getting investment rating upgrade from Indian Rating

13 Nov 2013 Evaluate

Jain Irrigation Systems is currently trading at Rs 64.15, up by 1.30 points or 2.07% from its previous closing of Rs 62.85 on the BSE.

The scrip opened at Rs 63.00 and has touched a high and low of Rs 65.00 and Rs 62.20 respectively. So far 85467 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 86.40 on 15-Jan-2013 and a 52 week low of Rs 46.10 on 01-Aug-2013.

Last one week high and low of the scrip stood at Rs 71.00 and Rs 60.70 respectively. The current market cap of the company is Rs 2777.08 crore.

The promoters holding in the company stood at 27.46% while Institutions and Non-Institutions held 53.08% and 19.11% respectively.

Indian Rating and Research, the rating arm of Fitch Ratings group has upgraded the investment rating grade of Jain Irrigation Systems to ‘BBB-’ from ‘BB+’ for long-term and to ‘A3’ from ‘A4+’ for short-term.

Following the improvement in liquidity profile caused by better receivables management and stabilization of change of business model in MIS business implemented by the company as reflected in its recently announced Q2/H1 FY 2014 results on November 10, 2013, the rating agency has upgraded the company’s outlook to ‘stable’ from earlier ‘negative outlook’.

The ratings upgrade will enable the company to bring its overall cost of debt down in the remaining months in the 2nd Half of FY2014 and also enable it to further improve its short/ medium term working capital management initiatives. The rating agency also expects the company to continue to work on its focus on high quality business and sustainable revenues and a primarily cash based business model.

Jain Irrigation Sys Share Price

33.05 -1.16 (-3.39%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
Supreme Industries 3705.80
Astral 1612.85
Finolex Inds 174.70
Nilkamal 1320.05
Jain Irrigation Sys 33.05
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