Jain Irrigation Systems share price rose 5 percent in the early trade on August 23 after the company signed MoU with the Coffee Board of India for the commercial release of the advanced high quality, disease-resistant coffee plants to growers.
At 09:22am, Jain Irrigation Systems was quoting at Rs 69.77, up Rs 3.03, or 4.54 percent, on the BSE.
The company introduced seven high yielding tissue culture varieties of Robustas and Arabicas coffee – developed with a commitment to quality and innovation by its scientists in the Biotech department.
These varieties have been licensed to company by the Coffee Board of India, now approved for commercial production and sale, it added.
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“We are extremely proud to introduce to the world an elite coffee- a disease free, genetically uniform and high yielding variety – bringing prosperity to Indian coffee farmers and putting Indian coffee on the global map," said Ajit Jain, Managing Director, Jain Irrigation.
The company had posted 61.6 percent fall in its June quarter net profit at Rs 13.59 crore against Rs 35.43 crore in June 2023.
The share touched a 52-week high of Rs 84.10 and a 52-week low of Rs 43.75 on 20 June, 2024 and 13 March, 2024, respectively.
Currently, the stock is trading 17.04 percent below its 52-week high and 59.47 percent above its 52-week low.
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