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Monsanto India slips on buzz Govt puts GM crop testing on hold

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fell 6.41% to Rs 1,859.30 at 14:05 on on reports the government ordered to put field trials of 13 genetically modified crops on hold.

Meanwhile, the Sensex was up 17.87 points, or 0.07%, to 26,009.10.

On BSE, so far 30,000 shares were traded in the counter, compared with an average volume of 13,404 shares in the past one quarter.

The stock hit a high of Rs 1,934 and a low of Rs 1,700 so far during the day. The stock hit a record high of Rs 2,414.60 on 26 June 2014. The stock hit a 52-week low of Rs 560 on 22 August 2013.

The stock had underperformed the market over the past one month till 28 July 2014, falling 11.83% compared with 3.55% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 10.84% as against Sensex's 14.84% rise.

The mid-cap company has an equity capital of Rs 17.26 crore. Face value per share is Rs 10.

Minister for environment and forest Prakash Javadekar reportedly said that the government has decided to suspend the decision by the statutory committee of genetic engineering to allow field trials of 13 genetically modified (GM) crops.

This marks a departure from the previous Congress led UPA government's policy on genetically modified crops, added reports.

At present in India, government has only allowed commercial use of Bt Cotton, which is grown in over 10 million hectares across the country.

The BJP, in its election manifesto, had said that GM foods will not be allowed without full scientific evaluation on the long-term effects on soil, production and biological impact on consumers.

In a meeting on 18 July 2014, the statutory panel Genetic Engineering Appraisal Committee had recommended that field trials be allowed for 13 GM crops including rice, brinjal, chickpea, mustard and cotton.

reported net loss of Rs 6.05 crore in Q4 March 2014 as against net profit of Rs 1.54 crore in Q4 March 2013. Net sales rose 8.50% to Rs 74.91 crore in Q4 March 2014 over Q4 March 2013.

Monsanto India, a subsidiary of the Monsanto Company, USA is a seed company focusing on maize and agricultural productivity. Monsanto Company holds 72.14% stake in (as per the shareholding pattern as on 30 June 2014).

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First Published: Wed, July 30 2014. 14:05 IST