Jain Irrigation continues to react to the news announced on Friday. The company has received a LoI for a first-of-its-kind project from the Himachal Pradesh Govt, for laying an integrated micro irrigation system in hilly terrain, with an outlay of around Rs.100 crore.

The company has stated that this project will improve water usage in canal command areas through conduit distribution and on farm management through micro irrigation systems, using pressurized HDPE piping network to irrigate command area of 11,900 acres. It is stated to have a water saving potential of up to 50% and some 30,000 farmers and 14 panchayats are to get assured irrigation. The project is to be completed in 24 months from the date of the award of contract.

The stock today hit a new high at Rs.131.80, with volumes jumping up over 1.2 times.