Jain Irrigation stock hits upper circuit as net loss narrows in Q4

New Delhi: Shares of Jain Irrigation System hit the upper circuit limit on Thursday after the company reported a sharp decline in its net profit during the quarter ended on March 31, 2021.

The plastic product company reported a net loss of Rs 22.25 crore in the quarter ended March 2021, as against a net loss of Rs 228.26 crore during the previous quarter ended March 2020.

The scrip surged 10 per cent, its daily circuit limit, to Rs 28.50 on Thursday. Sensex was trading 78 points, or 0.15 per cent, lower at 52,404.71 at the time of writing this report. The counter had settled at Rs 25.95 on Wednesday.

The crisis-ridden Jain Irrigation has delivered 50 per cent return in 2021 so far. The counter has soared 115 per cent in the last one year.

For the full year, the net loss was of Rs 307.31 crore as against a net loss of Rs 508.30 crore during the previous year ended March 2020. Sales rose 7.64 per cent to Rs 2,156.42 crore in the year ended March 2021.