Monsanto India rose 5.35% to Rs 1,975 at 9:50 IST on BSE after net profit rose 26.3% to Rs 71.02 crore on 16.2% increase in net sales to Rs 259.39 crore in Q1 June 2014 over Q1 June 2013.
The result was announced after trading hours today, 30 July 2014.
Meanwhile, the BSE Sensex was down 25.78 points, or 0.10%, to 26,061.64.
On BSE, so far 9,678 shares were traded in the counter, compared with an average volume of 13,680 shares in the past one quarter.
The stock hit a high of Rs 2,020 and a low of Rs 1,915.20 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 30 July 2014, falling 16.34% compared with 2.65% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 8.15% as against Sensex's 16.37% rise.
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The mid-cap company has an equity capital of Rs 17.26 crore. Face value per share is Rs 10.
Shares of Monsanto India fell 5.64% to Rs 1874.70 on Wednesday, 30 July 2014, on reports the government ordered to put field trials of 13 genetically modified crops on hold.
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.
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 Monsanto India (as per the shareholding pattern as on 30 June 2014).
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