Jain Irrigation share price surged by 7.10 per cent to make a new 52 week high of Rs 97.90 on NSE on reports that a foreign brokerage has maintained its overweight rating on the share.
The foreign brokerage reportedly declared that recapitalized balance sheet augurs well for the earnings of Jain Irrigation Systems. The cyclical recovery and the financial leverage is expected to boost earnings of Jain Irrigation, said the brokerage company.
On NSE a total of 1,19,66,641 shares have exchanged hands on the counter of NSE as against average daily volume (20 days) of 88,88,560 shares. The stock hit a high of Rs 97.90 during the day, which is a 52-week high for the counter. The stock hit a low of Rs 91.90 so far during the day. The stock made a 52-week low of Rs 46.80 on 17th February 2016. Jain Irrigation share price closed at Rs 96.40.
On the counter of BSE
The stock had outperformed the market over the past one month till 6th September 2016, advancing 20.76 per cent compared with 3.2 per cent rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 36.13 per cent as against Sensex's 8.22 per cent rise.
Fundamentals
The mid-cap company has equity capital of Rs 91.44 crores. The Face value per share is Rs 2. On consolidated basis, Jain Irrigation’s net profit jumped 302.8 per cent to Rs 58.52 crores on 3.2 per cent growth in net sales to Rs 1629.48 crores in Q1 June 2016 over Q1 June 2015.
Jain Irrigation Systems manufactures micro irrigation systems, PVC pipes, HDPE pipes, plastic sheets, agro processed products, renewable energy solutions, tissue culture plants, financial services and other agricultural inputs.Jain Irrigation is one of the top 500 shares recommended by Dynamic Levels. Get the important support and resistance levels of the share at Jain Irrigation share price forecast.
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