Jain Irrigation Systems slumps on dry March-qtr results

Jain Irrigation Systems

31/05/2019 06:36

** Shares of irrigation equipment maker Jain Irrigation
Systems Ltd  JAIR.NS  fall as much as 11% to 48.4 rupees; their
biggest intraday loss in nearly 4 months
    ** Broader market  .NSEI  up nearly 0.6%
    ** March-qtr consol profit fell 39%, revenue fell to 25.83
bln rupees ($370.30 mln) from 27.48 bln rupees, co reported on
Thursday  urn:newsml:reuters.com:*:nFWN23604M
    ** Indian farming sector has been under crisis https://in.reuters.com/article/india-farmers-protests/deepening-farm-crisis-in-india-could-hurt-modis-re-election-bid-idINKCN1MD2CH
 due to farmer debt, higher input prices and late monsoons
 urn:newsml:reuters.com:*:nL4N22Q32W  urn:newsml:reuters.com:*:nL3N22F1I5
    ** Jain Irrigation's closest Rival UPL Ltd  UPLL.NS  also
reported https://www.bseindia.com/xml-data/corpfiling/AttachHis/79c84138-2d99-4027-b74e-420f05ab8e9c.pdf
 weak results two weeks ago, as profits more than halved
    ** JAIR shares fell 22.13% this year as of last close, while
those of UPL rose 32.65%


($1 = 69.7550 Indian rupees)

 (Reporting by Derek Francis in Bengaluru)
 ((derek.francis@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 80 6749 2100; Reuters Messaging:
derek.francis.thomsonreuters.com@reuters.net))