India's Jain Irrigation hits over 3-mth high on deal completion

Jain Irrigation Systems

31/03/2023 10:02

** Shares of Jain Irrigation Ltd  JAIR.NS  rise as much as
9% to 35.85 rupees, highest since Dec. 19
    ** The micro-irrigation company on Wednesday said its unit
Jain International Trading completed the transaction to merge
its irrigation business with Israel-based Rivulis Irrigation Ltd
    ** About 8.2 mln shares change hands, 2.3x the 30-day avg of
3.55 mln shares
    ** Stock crosses its 200-day simple moving average,
continues to stay above its 50- and 100-day simple moving
averages
    ** Moving average convergence divergence line is over the
signal line, suggesting bullish momentum
    ** Stock down ~2% so far this year, as of last close


 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))