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JAIN iRRIGATION
CMP: Rs 636
Target price: Rs 760
Morgan Stanley has maintained ‘overweight’ on Jain Irrigation Systems as it expects the company’s margins to expand over the next three to five years with faster growth in micro irrigation systems (MIS).
“We believe that Jain Irrigation Systems is an interesting play on India agriculture with industry leadership in the fast-growing MIS business and presence in high growth potential agro processing business,” says the report.
Strong growth momentum in micro-irrigation systems and fruits & vegetables processing continues to drive strong growth, it adds. According to the brokerage, MIS and fruits & vegetables (FV) processing businesses have registered a growth of 71% and 86% year-on-year for the first nine months of the current financial year.
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