Buy Jain Irrigation With Target Of Rs 239

Buy Jain Irrigation With Target Of Rs 239Stock market analyst Salil Sharma has maintained buy rating on Jain Irrigation Systems Limited stock with a target of Rs 239.

The interested investors can buy the stock with a strict stop loss of Rs 227.

The stock of the company, on Nov 08, closed at Rs 233 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 36.70 respectively.

Jain Irrigation, the biggest micro irrigation company in India and the second biggest internationally, has reported notable standalone results for the three month period ended September 30, 2010.

The net sales during the second quarter grew by 19% to Rs 637 crores.

Overall MIS Business (Micro Irrigation Systems) recorded an increase of 21%, with Andhra Pradesh showcasing continued positive development of 160%, PVC Pipe biz climbed 24% and agro processing biz registered an increase of 17%.

PVC sheet biz showed brilliant performance sequentially by registering an increase of 52% on lower base of 2009.

Company's total exports remained up by 15%

Corporate EBIDTA for the three month period under review stood at Rs 140 crores.

Overall Finance cost showed an increase of 13% at Rs 52 crores in proportion to the revenue growth.

Moreover, Jain Irrigation Systems Ltd (JISL) will finish up the 40% capacity addition in micro-irrigation systems (MIS) by the next two months.