Jain Irrigation surges 7 per cent as Morgan Stanley raises target price to Rs 92

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Updated: July 1, 2016 3:23:23 PM

Jain Irrigation shares jumped on Thursday on reports that brokerage house Morgan Stanley has upgraded the company to overweight from equal-weight.

Jain Irrigation sharesJain Irrigation shares jumped on Thursday on reports that brokerage house Morgan Stanley has upgraded the company to overweight from equal-weight.

Jain Irrigation shares jumped nearly 7 per cent on Thursday on reports that brokerage house Morgan Stanley has upgraded the company to overweight from equal-weight. The report on CNBC TV also said that the brokerage has raised target price (TP) of the stock to Rs 92 from Rs 72.

At 3.15 pm, the share price of the company was trading 5.46 per cent up at Rs 70.55. The scrip opened at Rs 71.20 and has touched a high and low of Rs 71.55 and Rs 69.40, respectively, in trade so far.

Later, the scrip settled 5.38 per cent up at Rs 70.50.

According to Morgan Stanley, the company will gain as from increase in government spending in micro-irrigation systems as well as from the better-than-expected monsoon.

The brokerage house also expects 70 per cent earnings CAGR (compound annual growth rate) over FY17-19.

The promoters hold 30.95 per cent in the company.

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