Jain Irrigation Systems saw its stock price rise by 6.38% on Friday, August 23, 2024, hitting an intraday high of Rs 71 per share. This boost follows the company’s signing of a memorandum of understanding (MoU) with the Coffee Board of India to launch advanced, disease-resistant coffee plants.
The company announced that it has become the first in the world to develop a Tissue Culture protocol for coffee varieties. This MoU is expected to bring significant changes to the coffee industry.
Ajit Jain, Managing Director of Jain Irrigation, expressed pride in introducing a new, high-yielding coffee variety that is disease-free and genetically uniform. These tissue-cultured plants, called Elite Mother Plants, are designed to deliver high yields and superior quality.
The Coffee Board’s Secretary and CEO, KG Jagadeesha, noted that India has successfully standardized tissue culture technology for coffee. Under the MoU, Jain Irrigation will multiply and sell these plants directly to growers, paying a royalty to the Coffee Board.