Shares of Monsanto India jumped 13.4 per cent to Rs 2,917, hitting the highest level since September 26 last year, after Supreme Court ruled in favour of US seed maker. Earlier today, top court allowed Monsanto to claim patents on its genetically modified cotton seeds in the world’s biggest producer of the fibre.
Since September 17, the stock has marked its sharpest intraday gain before paring some gains to trade 4.6 per cent higher at the time of reporting.
The today’s decision by the Supreme Court overturns an earlier ruling given by the Delhi High Court that Monsanto which has been bought by German drug and crop chemical maker Bayer AG was unable to claim patents on GM cotton seeds.
Commenting on the development Bayer spokesperson said: “We welcome the judgement of the Honorable Supreme Court. We await a copy of the complete order and will have further comment once we study the same in detail.”
Monsanto’s GM cotton seed technology dominates 90 percent of India’s cotton acreage.
Meanwhile, the domestic stock markets are off day’s lows, and the Sensex and Nifty have turned positive. The Sensex is up about 5 points to 35,854.54, and the Nifty is trading above the 10,750-mark. ICICI Bank share price have emerged among top gainers in the Sensex, up 2 per cent to Rs 374.95. Sun Pharma share price gained more than 3.15 per cent to hit the day’s high at Rs 443.70.