Jain Irrigation Systems, a leading manufacturer of irrigation systems, pipes & fittings and plastic sheets, witnessed a surge in share price on Wednesday (April 19) after the company announced acquisition of two US based micro-irrigation dealers. The company has agreed to acquire 80 percent stake in Agri-Valley Irrigation Inc (AVI) and Irrigation Design and Construction Inc (IDC) for $48.50 million.
“The merger will help Jain Irrigation to forward integrate itself in the value chain and build direct relationships with growers. This fits into company’s strategy to participate in end to end project solutions to harness company’s unique capabilities in integrated irrigation project solutions,” the company said.
Jain Irrigation witnessed a huge buying interest in the stock market following positive news update. The stock jumped 8.50 percent to settle at Rs. 107.90 on Wednesday. The volume of shares spiked 8.5 times over the past 30-days average.
Heckyl news engine issued news alerts about aforesaid acquisition at 11:16 am on April 19 immediately after the company issued notification to the Bombay Stock Exchange (BSE). The news alert was issued ahead of major price action. At 11:16 am, the stock price was at Rs. 102.05. Read the rest of this entry »