Monsanto India hits a new high
By
Research Desk
about 9 years ago
Monsanto India is currently the top gainer on the BSE, up almost 13% at Rs.3553 and this is after having hit a new high at Rs.3755.95, with volumes jumping over 4 times.
The stock hit the roof on news media reports suggesting that the Govt is persuading local groups to end opposition to genetically modified (GM) crops.
But this could be just a knee jerk reaction to unconfirmed news because it would take a while to convince groups within India to use GM crops and even if we assume that it does get the nod, for Monsanto to launch any crop would take at least two years.
This might be a contrary reaction to its poor Q3FY15 performance wherein the company posted a net profit of Rs.48 crore compared to Rs.66 crore in previous Q3.