Jain Irrigation has been falling along with the market. In yesterday’s carnage the stock had hit a new 52-week low at Rs.52 and today too, it hit a new 52-week low at Rs.50.55. It has recovered since then and is now actually just about managed to get a feet into the green, up less than 1% at Rs.53.

The stock has been taken over by the overall mood of the market, largely ignoring the news from the company – it announced today morning, before market opening that at its Board meeting held yesterday, it has approved the Sale of its food business by way of ‘Slump Sale' to Jain Farm Fresh Foods Limited, an effective Wholly Owned Subsidiary (WoS) of the Company to create strategic focus on fast growing food business and consequent value creation opportunities.

The Food Business of the Company comprises of food manufacturing units at Jalgaon (Maharashtra), Vadodara (Gujarat) and Chittoor (Andhra Pradesh) besides the indirect subsidiaries carrying on food business activities namely: SQF2009 Limited UK and Cascade Specialities Inc, USA.