CapitalMarket.com - US acquisition bolsters Jain Irrigation
Hot Pursuit Tuesday, February 07, 2006 12:23 Hrs IST

Print this page


US acquisition bolsters Jain Irrigation

Jain Irrigation flared 3% to Rs 344 after it announced plans to acquire 51% in US-based NuCedar Mills for $ 3 million.

The counter witnessed a decent rally from the close of Rs 205 on 12 January 2006, to close at Rs 245.35 on 02 February 2006.

NuCedar Mills is a custom home-building industry and Jain Irrigation will release the investment in phases spread over the calendar year 2006. NuCedar Mills is a start-up firm addressing building industry needs through products made from PVC sheets.

Jain Irrigation-members approved the scheme of amalgamation of Coimbatore based, Terra Agro Technologies, with effect from 01 April 2005.

Jain Irrigation has reported 150% surge in its Q3 December net profit to Rs 15.25 crore (Rs 6.09 crore). Net sales increased to Rs 220.48 crore (Rs 144.28 crore). Domestic business grew by 78% to Rs 149.79 crore and exports by 18% to Rs 69.60 crore.

Jain Irrigation Systems manufactures plastic pipes, micro-irrigation systems, plastic sheets, high-tech agriculture, processed fruits and vegetables. It is a leading player in the micro-irrigation market, and enjoys about 50% of the market share.

Previous Stories
More 4
Other Stories
4  Lupin slumps on brokerage downgrade (17-Apr 15:25 Hrs IST)
4  KEC International corrects on profit booking (17-Apr 15:12 Hrs IST)
4  BEML recovers after recent slide (17-Apr 15:09 Hrs IST)
4  Tata Steel jumps after clarification (17-Apr 14:37 Hrs IST)
4  CRISIL slumps from record high after weak Q1 numbers (17-Apr 14:23 Hrs IST)
4  I G Petrochemicals spurts after favourable ruling in Supreme Court (17-Apr 13:54 Hrs IST)
4  Hero MotoCorp slips nearly 5% in two sessions (17-Apr 13:41 Hrs IST)
4  IT stocks slide after disappointing Q4 earnings from TCS (17-Apr 13:04 Hrs IST)
4  Volumes jump at Sanghi Industries counter (17-Apr 13:02 Hrs IST)
4  BPCL, Videocon Inds edge higher (17-Apr 12:34 Hrs IST)
Next4