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

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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.

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