Shares of Jain Irrigation
snapped four day’s losses and trading higher 5.5% on the BSE in the morning trade. Around 19.4 lakh shares of the company changed hands in a block deal, media reports added.
The stock fell on Wednesday after the rating agency said 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.
Further, the Economic Times report said that India Ratings and Research downgraded the company’s long-term issuer rating to ‘IND BBB’ from ‘IND A-’ while placing it on ‘Rating Watch Negative’ (RWN).
Jain Irrigation Systems Ltd is currently trading at Rs21.05, up by Rs1.35 or 6.85% from its previous closing of Rs19.70 on the BSE. The scrip opened at Rs18.20 and has touched a high and low of Rs21.40 and Rs16.30 respectively.
The BSE group 'A' stock of face value Rs2 has touched a 52 week high of Rs98.30 on 19-Jun-2018 and a 52 week low of Rs18.30 on 19-Jun-2019. Last one week high and low of the scrip stood at Rs39.10 and Rs18.30 respectively.