Excel Crop Care up on favorable judgment hopes
Oct. 3, 2011
Excel Crop Care has soared 16% to Rs 159 on hopes that the Supreme Court may remove ban on export of unused stock of pesticide endosulfan, an important product for the company.
"The Supreme Court will pass an order on Friday on whether the unused stock of pesticide endosulfan manufactured here can be allowed to be exported,” reports suggest.
The apex court had passed an ad-interim order on May 13, 2011 in the matter of a public interest litigation and by this order production, sale and use of endosulfan, has been banned for a temporary period of eight weeks, pending receipt of an interim report from the expert committee constituted by the Government of India.
According to reports, the Joint Expert Committee on ‘endosulfan,' in its report submitted to the Supreme Court, has said that the manufacturers have export orders for 1,734 mt of ‘endosulfan technical' and 292.5 kl of ‘formulation,' which can be allowed for export.
The stock has rallied 20% to Rs 165 after opening at Rs 137 in noon deals. A combined 254,601 shares have changed hands on the counter till 1140 hours, against an average less than 50,000 shares traded daily in past two weeks.
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