Jain Irrigation gains 5% as govt cuts cess on irrigation equipment

India Infoline News Service | Mumbai | September 11, 2017 10:42 IST

Leading irrigation equipment manufacturer, Jain Irrigation Systems was buzzing on the bourses during Monday’s trade as the government cut cess applicable on irrigation equipment under GST regime. The stock soared up by 5% on the BSE.

Leading irrigation equipment manufacturer, Jain Irrigation Systems was buzzing on the bourses during Monday’s trade as the government cut cess applicable on irrigation equipment under GST regime. The stock soared up by 5% on the BSE.
 
In the recent GST Council meeting on Saturday, cess on irrigation equipment was reduced to 12%, reported a leading business daily.
 
Jain Irrigation was trading at Rs 107.70 per share, up by Rs 4.80 or 4.66% as at 1006 hours on Monday, on the BSE. The stock witnessed a spurt in volume by more than 3.26 times. It attracted a traded volume of 37,03,708 shares and traded value of Rs 3,993.71 lakh on the NSE. The company had hit its 52-week high of Rs 119.70 on April 25, 2017, and 52-week low of Rs 79.70 on December 22, 2016, on the NSE.
 
Jain Irrigation Systems Limited is an agri-business company. The company is engaged in the manufacture of plastic products, and manufacture of fruit or vegetable juices, their concentrates squashes and powder. Its segments include Hi-Tech Agri Input Products, Industrial Products and non-conventional Energy.

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