Jain Irrigation shares jumped over 6 per cent on Wednesday after the company informed BSE before market hours that it has bagged Maharashtra State Electricity Distribution Company’s (MSEDCL) most awaited tender worth Rs 473 crore for supply and installation of 8,959 solar agri-pumps. This is the first pilot phase out of the world’s biggest solar agri-pump project for 500,000 pumps launched by Government of Maharashtra through MSEDCL.
In a BSE filing, the company said, “The tender will be executed by Projects Division of the Micro Irrigation Segment of the company and will also create additional sales opportunity for micro irrigation systems to individual farmers.”
The share price of Jain Irrigation closed 6.61 per cent up at Rs 67.75.
The company has emerged as the largest winner among all the 14 tenders floated by MSEDCL. The tender is expected to be serviced over next 6 to 12 months with further operational and maintenance support to the fanners for next 5 years.
The BSE group ‘A’ stock of face value Rs 2 has touched a 52 week high of Rs 92.35 on 05-Nov-2014 and a 52 week low of Rs 50.55 on 25-Aug-2015.
Last one week high and low of the scrip stood at Rs 66.15 and Rs 61 respectively. The current market capitalisation of the company is Rs 2,816.03 crore.
The promoters holding in the company stood at 28.69 per cent while institutions and non-institutions held 40.14 per cent and 31.01 per cent respectively.