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Monsanto India & BASF India surge as government approves field trials of GM crops

Shares of Monsanto India and BASF India have rallied by up to 10% on reports that the Union ministry of environment and forests (MoEF) has approved field trials of genetically modified (GM) food crops on a conditional basis. Monsanto India is locked in upper circuit of 10% at Rs 1,467, also its record high on BSE. A combined 224,000 shares already changed hands over the counter and there are pending orders for around 27,000 shares on the BSE and NSE at 1320 hours.

In the past month, shares of agrochemicals manufacturer has rallied 77% from Rs 828, against 2.2% rise in S&P BSE 500 index. Monsanto India, a subsidiary of the Monsanto Company, USA is a seed company focusing on maize and agricultural productivity.

BASF India too, surged 7% to Rs 698 on the BSE. The stock opened at Rs 670 and touched a 52-week high of Rs 704 so far.

Source: www.business-standard.com