Jain Irrigation acquires Belgium-based Innovafood NV, surges by 3 per cent
Agri-based company Jain Irrigation System announced on Tuesday that its subsidiary has wholly acquired Belgium-based Innovafood N V and its affiliate companies. Following the development, the share price of Jain Irrigation System spurred on the bourses by around 3 per cent during Tuesday’s trade.
Jain Irrigation System’s wholly-owned subsidiary Jain Farm Fresh Foods has acquired 100 per cent stake in Innovafood NV Belgium and its affiliate companies, in order to get closer to the market, increase presence in large food ingredients market, increase cost efficiency through efficient supply chain and greater market access, besides capitalizing on other benefits.
On the bourses, Jain Irrigation System has surged by over 32 in the past one year. In the third quarter of the fiscal year 2018, the company recorded a hike in profit by over 30 per cent to Rs. 1,889.63 crore as compared to Rs. 1,444.94 crore in the same quarter of the previous fiscal year.
On Tuesday, the stock hit an intraday high of Rs. 74.20 per share and an intraday low of Rs. 73.15 per share on BSE. The stock had touched its 52-week high of Rs. 99.95 per share on January 5, 2018 and its 52-week low of Rs. 56 per share on September 5, 2017 on BSE, respectively. At 10:47 hours IST, Jain Irrigation Systems was trading at Rs. 73.55 per share, higher by 1.31 per cent on BSE on Tuesday.