'Satyajit Ray was initially sceptical of film schools'
New Pakistani envoy Abdul Basit arrives in India
Khabar Lahariya: Making rural media a force for change (Media Feature)
Local business suffers as heavy snowfall shuts arterial road in Kashmir
'Hey, are you Indian?' (Column: Curious Case)
Monsanto India hit an upper circuit limit of 10% at Rs 1,613.25 at 14:50 IST on BSE, extending Friday's 10% rise triggered by the Union environment ministry approving field trials of genetically modified food crops on a conditional basis.
Shares of Monsanto India rose 10% to Rs 1,466.60 on Friday, 28 February 2014. The stock has risen 21% in two trading sessions from Rs 1,333.30 on Wednesday, 26 February 2014. The stock market was shut on Thursday, 27 February 2014, due to a public holiday.
Meanwhile, the BSE Sensex was down 160.18 points, or 0.76%, to 20,959.94.
On BSE, so far 18,000 shares were traded in the counter, compared with an average volume of 17,508 shares in the past one quarter.
The stock was currently frozen at record high level. The stock hit an intraday low of Rs 1480 in initial trade today, 3 March 2014. The stock hit a 52-week low of Rs 560 on 16 April 2013.
The stock had outperformed the market over the past one month till 28 February 2014, rising 76.82% compared with the Sensex's 2.11% rise. The scrip had also outperformed the market in past one quarter, spurting 108.13% as against Sensex's 2.85% rise.
The small-cap company has an equity capital of Rs 17.26 crore. Face value per share is Rs 10.
Environment minister M Veerappa Moily on Thursday, 27 February 2014, reportedly approved the field trials of genetically modified (GM) food crops including rice and wheat. The move comes even as the environment ministry has not prescribed scientifically validated bio-safety protocol and the Supreme Court is yet to decide on the efficacy of the trials, reports said.
Moily reportedly said that he has given approval to GM crops after his apprehensions on their safety was addressed and said the approval would be subject to some environmental conditions. Moily said he had cleared the file as the government's regulatory body Genetic Engineering Appraisal Committee's (GEAC) decision was not bound by the Supreme Court's moratorium (on field trials) order.
The decision, which had been kept in abeyance by his predecessor Jayanthi Natarajan, will reportedly allow companies and institutions to put more than 200 transgenic varieties of rice, wheat, maize, castor and cotton on field trials to check their suitability for commercial production.
Moily emphasized that these companies (both government and private) and research institutions can, however, go for trial only after getting nod from respective state governments, reports said.
Monsanto India's net profit surged 122.4% to Rs 65.11 crore on 62.6% growth in net sales to Rs 181.67 crore in Q3 December 2013 over Q3 December 2012. Operating profit margin (OPM) was up by a whopping 1,200 basis points YoY to 36.6% in Q3 December 2013. Operating profit jumped 143% to Rs 66.77 crore in Q3 December 2013 over Q3 December 2012.
Monsanto India, a subsidiary of the Monsanto Company, USA is a seed company focusing on maize and agricultural productivity. The company endeavors to boost crop productivity through its advanced research in maize cultivation, access to a wide library of global maize germplasm, breeding technology and techniques, new high-yielding hybrid seeds, best-in-class manufacturing facilities, extensive agronomic activities and on-farm technology development.
Powered by Capital Market - Live News
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.
Download the Business Standard App for latest Business News and Market News .
RECOMMENDED FOR YOU