Jayant Agro in the green

Jayant Agro is up and about today morning. The stock is currently up almost 4% at Rs.79.85, with an intra day high at Rs.82. Market cap stands at Rs.119 crore.

The stock is up after the company announced that it has formed a JV with two Japanese companies – Mitsui Chemicals and Itoh Oil Chemicals for investing in the equity shares of Vithal Castor Polyols. This would come in the ratio of 50:40:10 respectively and the JV will focus on making castor oil. The market is hoping that this JV will help boost its earnings, which lately have been on a decline. It had ended Q1FY14 with a 56% (YoY) drop in net profit at Rs.6 crore.