Shares of Jain Irrigation Systems Ltd. jumped after the company signed a memorandum of understand with the Coffee Board of India, for the commercial release of the advanced high quality, disease-resistant coffee plants to growers.
"For the first time in the world, we have standardised the tissue culture technology for coffee in India," the company said.
Coffee plants multiplied using the tissue culture protocols have been evaluated on the fields for the past few years, it said. "They are performing much better than the regular varieties. As part of the MoU, Jain Irrigation will multiply and sell the identified coffee plants to growers directly, while paying a royalty to the board.”
The scrip rose as much as 7.11%, the highest level since Aug. 1, before paring gains to trade 5.5% higher at Rs 70.35 apiece, as of 10:20 a.m. This compares to a flat NSE Nifty 50.
It has risen 10.83% year-to-date and 11.8% in the last 12 months. Total traded volume so far in the day stood at 1.57 times its 30-day average. The relative strength index was at 52.30.
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