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On the BSE, 5.77 lakh shares were traded in the counter so far compared with average daily volumes of 23.22 lakh shares in the past two weeks. The stock had hit a high of Rs 26.50 and a low of Rs 24.75 so far during the day. It hit a 52-week high of Rs 98.30 on 19 June 2018 and a 52-week low of Rs 24.75 on 19 June 2019.
India Ratings and Research (Ind-Ra) on Tuesday downgraded Jain Irrigation Systemss (JISL) long-term issuer rating to IND BBB from IND A-; while placing it on Rating Watch Negative (RWN).
The downgrade reflects deterioration in the liquidity profile of JISL on account of a delay in the realisation of its receivables from its micro-irrigation systems (MIS) segment. The RWN reflects the risk of delay in the companys deleveraging plans or a further increase in its working capital requirement, resulting in further worsening of its liquidity position, the Ind-Ra statement said.
On a consolidated basis, Jain Irrigation Systems net profit fell 44.8% to Rs 53.75 crore on 6% fall in the net sales to Rs 2583.07 crore in Q4 March 2019 over Q4 March 2018.
Jain Irrigation Systems is an agri-business company.
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