Buy Jain Irrigation With Stop Loss Of Rs 168

Buy Jain Irrigation With Stop Loss Of Rs 168Technical analyst Prabir Kumar Sarkar of SPA Securities has maintained 'buy' rating on Jain Irrigation Systems Limited stock with a target of Rs 180.

According to analyst, the investors can purchase the stock with a stop loss of Rs 168.

The analyst said that the said target can be attained in 1-2 trading sessions.

The stock of the bank, on February 02, closed at Rs 172.70 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 6.82 and 25.88 respectively.

Jain Irrigation Systems recorded 24.59% growth at Rs 71.47 crore in its standalone net profit for the three month period ended December 2010.

Company's net sales surged Rs 693.26 crore during Oct-Dec period as against Rs 630.87 crore during the same period of 2009.

Jain Irrigation's board has declared issuing of bonus shares with DVR in the proportion of 1 DVR equity share for every 20 ordinary equity shares.

In order to fund possible growth chances and lessen cost of interest, the board members have also given nod to a plan to lift up $150 million.

"... Board has approved the equity fund raising proposal to raise funds up to $150 million, subject to shareholder's approval," JISL said.