Buy Jain Irrigation With Stop Loss Of Rs 220

Buy Jain Irrigation With Stop Loss Of Rs 220Technical analyst Salil Sharma has maintained 'buy' rating on Jain Irrigation Systems Limited stock with a target of Rs 242.

According to analyst, the investors can purchase the stock with a stop loss of Rs 220.

The stock of the company, on December 13, closed at Rs 223.05 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 264 and a low of Rs 146.60 on BSE.

Current EPS & P/E ratio stood at 6.30 and 36.50 respectively.

Jain Irrigation Systems announced that it has signed an agreement to get hold of controlling equity stake in a UK based industrial food ingredients supplier, Sleaford Quality Foods.

This will assist food segment of the company to have direct access to a huge market with value added goods and services.

Mr. Anil Jain, managing director (MD) of Jain Irrigation, stated, "We are very pleased to be involved with Sleaford Quality Foods. Sleaford`s commitment to produce high quality products coupled with its excellent reputation for customer service will greatly help in opening-up of large opportunity for our food processing division,`` he stated, ``We endeavor to add value in Sleaford by providing large source base from India and other parts of the world where lain irrigation has its strong presence."

For the quarter ended September 30, 2010, Jain Irrigation Systems announced that its standalone net profit surged rose 45.65% to Rs 619.90 million as against Rs 425.60 million during the corresponding quarter of 2009.