Jain Irrigation share price climbed over 3 per cent in the morning trade on Tuesday after the Andhra Pradesh government allotted over 623 acres of land to the company for setting up an integrated agriculture and horticulture park in Kurnool district of the state.
At 11.19 am, Jain Irrigation shares were trading 3.35 per cent up at Rs 63.30. The scrip opened at Rs 61.90 and had touched a high and low of Rs 63.40 and low of Rs 60.65, respectively, in trade so far. The scrip later settled 2.45 per cent up at Rs 62.75.
The government after careful examination of the matter and after due examination of the report submitted by the VC&MD, APIIC… hereby accord permission to APIIC Limited for the allotment of the land of an extent of 623.40 acre Jain Irrigation Systems Ltd at Thangadancha Village, Jupadu Bangalow Mandal, Kurnool district on lease basis for 99 years.
The market value of the land is Rs 4.5 lakh per acre and the total cost of the land is Rs 28 crore.
In the past one year, the share price of Jain Irrigation plunged 18.11 per cent to Rs 61.25 on December 14. The benchmark index BSE Sensex slid around 8 per cent during the same period.
For the quarter ended September 2015, the company posted a consolidated net loss of Rs 29.48 crore, down 24.97 per cent against net loss of Rs 23.59 crore in the corresponding quarter a year ago.
(With inputs from PTI)