Following the announcement of the launch of seven high-yielding tissue-cultured Robusta and Arabica coffee types, Jain Irrigation’s stock price increased by over 6%. The Coffee Board of India has granted licenses for the commercial production and sale of these innovative varieties, which have been developed over ten years. They aim to tackle significant obstacles in the Indian coffee industry, including ageing plantations and the lack of high-quality planting material.
The Coffee Board of India and Jain Irrigation have signed a Memorandum of Understanding, allowing the firm to multiply and sell these new coffee plants to growers while paying the Board a royalty.
As of 11:02 am, Jain Irrigation shares were trading 5.09% higher at Rs 70.05 on the NSE.
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