Moneycontrol Bureau
Seed companies are on buyers’ radar as the government may soon approve genetically modified (GM) food crops in India. Shares of Monsanto India, Bayer CorpSciences and Kaveri Seed are up 17 percent, 8 percent and 3.4 percent respectively in intraday trade on Friday.
According to media reports, Environment Minister Veerappa Moily is expected to cast his vote in favour of allowing genetically modified food crops, overturning the position of his immediate predecessors - Jayanthi Natarajan and Jairam Ramesh.
“The apex court is hearing a public interest litigation (PIL) on the issue and the Prime Minister's Office as well as the agriculture ministry have pushed hard to submit such an affidavit, but were unable to do so because of resistance from Natarajan,” says the report.
At 11:39 hrs Monsanto India was quoting at Rs 842.05, up Rs 97.10, or 13.03 percent, Bayer CropScience was quoting at Rs 1,735.00, up Rs 50.95, or 3.03 percent and Kaveri Seed Company was quoting at Rs 1,805.45, up Rs 36.35, or 2.05 percent on the BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
