Jain Irrigation Advances Most Since May on Second-Half OutlookRandall Hackley
Jain Irrigation Systems Ltd., Asia’s biggest irrigation-equipment maker, surged the most since May in Mumbai trading after its managing director said the second-half outlook was better than the first.
The shares of the manufacturer of drip-irrigation products climbed 7.6 percent to 87.50 rupees today on triple the 3-month average daily trading volume despite reporting a second-quarter loss of 236 million rupees ($3.8 million).
With crude prices stabilizing at a lower band and better capacity utilization, the second half should be better than the first, Anil Jain said in a statement. Jain Irrigation is “getting ready to be a strong player in the solar water pump field,” the executive also said.
The company, based in Jalgaon, said the board of directors approved incorporating a new subsidiary for its food-processing business and that management was considering a minority dilution of that unit.