The company made this announcement during trading hours today, 6 July 2012.

Meanwhile, the BSE Sensex was down 80.36 points or 0.46% to 17,458.31.

The stock rose on high volumes. On BSE, 18.68 lakh shares were traded in the counter as against average daily volume of 6.53 lakh shares in the past one quarter.

The stock hit a high of Rs 92.35 and a low of Rs 87.10 so far during the day. The stock had hit a 52-week high of Rs 174.95 on 11 July 2011. The stock had hit a 52-week low of Rs 69.05 on 4 June 2012.

The mid-cap stock had outperformed the market over the past one month till 5 July 2012, surging 23.17% compared with the Sensex's 9.48% rise. The scrip had, however, underperformed the market in past one quarter, falling 14.52% as against Sensex's 0.3% gain.

The company has an equity capital of Rs 81.03 crore. Face value per share is Rs 2.

Jain Irrigation Systems (JISL) said the new non-banking finance company (NBFC) will be a non-deposit taking NBFC. The new NBFC will be a joint venture between JISL, JISL promoter entities and IFC -- a member of the World Bank Group -- as equity shareholders with some banks and financial institutions expected to join the equity shareholding at a later stage, JISL said in a statement. The NBFC has been already incorporated in the name of Sustainable Agro-commercial Finance (SAFL).

SAFL will the first NBFC in India providing agri-loans with a wide and diverse range of financing options for almost every need of agricultural activity, JISL said. The main products will include MIS financing, Agri Project Financing, Contract Farming, Small Business Loans, Solar Pumps and Appliances Financing, Third Party Tie-ups etc.

SAFL will be headquartered in Mumbai and will commence business activities in the post monsoon period. SAFL is in an advanced stage of setting up around 25 offices in Maharashtra by end August 2012 to begin with and another 15 offices in Maharashtra are scheduled to be opened by December 2012. Subsequently, in the second phase, offices will also be opened in Karnataka, Andhra Pradesh, Tamil Nadu, Gujarat, Madhya Pradesh and Rajasthan. Phase three will cover offices in remaining states. A pan India presence through a network of around 150 offices is envisaged in a period of 3 to 4 years, JISL said in a statement.

SAFL will be staffed by professionals from the field of banking/finance with a blend of exposure to rural enterprises and agriculture, JISL said in a statement.

IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.

Jain Irrigation Systems' (JISL) net profit rose 58.7% to Rs 173.43 crore on 1% growth in net sales to Rs 1211.62 crore in Q4 March 2012 over Q4 March 2011.

Jain Irrigation Systems is the largest company in Asia in the field of drip irrigation and second largest in the world. The company has a multi product industrial profile aimed at the farmer community spread largely in the rural and semi-urban areas all over India. The major and substantive portion of the business relates to Micro Irrigation Systems (MIS) and plastic pipes. Other businesses include food processing, onion dehydration, tissue culture, solar appliances and a large training centre devoted to farmer training. The company's global presence spans across 120 countries in 4 continents.