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Wednesday, Sep 20, 2006

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AP move spurs Jain Irrigation

The Jain Irrigation stock has been witnessing quiet accumulation at the bourses of late. According to dealers, the buying is on the back of expectation that the company might benefit from the Andhra Pradesh Government move to bring 20 lakh acres under micro-irrigation. The company, which is the pioneer of micro-irrigation systems in India and the only manufacturer of complete drip irrigation systems in the world, is likely to bag a big chunk of these projects.

Besides, the company is also playing a lead role in the state-sponsored micro-irrigation scheme in Gujarat, Maharashtra and Tamil Nadu and is likely to enter other States.

Dealers also expect the company's fruit processing division to do well. Recently, the company announced the bagging of Rs 82-crore worth of orders for mango pulp from various customers for the current season. It expects to reach mango product sales in excess of Rs 95 crore in the current financial year, a growth of 100 per cent compared to the last season. The company's export of mango pulp is expected to cross Rs 70 crore as against Rs 21.5 crore last year. Domestic sales come from supplies of mango pulp to Coca-Cola India. The stock has gained about five per cent over the week. On Tuesday, it gained 0.66 per cent at Rs 265.70 against Monday's close of Rs 263.95.

K.S. Badri Narayanan

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