Stocks

Excel Crop, Coromandel Intl up on favourable verdict hopes

Our Bureau Mumbai | Updated on November 16, 2017 Published on September 28, 2011

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Apex Court to pronounce final order on endosulfan tomorrow

There was a surge in the stocks of endosulfan-manufacturing companies such as Coromandel International and Excel Crop Care on Wednesday when the Supreme Court said that it will give its final decision regarding the endosulfan export ban on Friday.

The stock of Coromandel International shot up by 3.38 per cent or Rs 10.30 a share, to end the day at Rs 315.25, while that of Excel Crop Care moved up by 15.47 per cent or Rs 21.25 to end at Rs. 158.60 a share.

“As of now, the ban is in place, we are not certain as to what the decision will be. The next hearing is on September 30, till then we need to wait,” said an industry insider.

No enthusiasm

While the shareholders of endosulfan manufacturing companies seem to be rejoicing, the industry is far from enthusiastic as they feel the damage has already been done.

The Supreme Court on May 13, 2011 ordered a ban on the manufacture, sale and use of endosulfan. “Since the ban, the industry has not been able to service a lot of export orders. The orders were then serviced by companies in China, Brazil, Korea and Israel. Unfortunately for India, this has created a poor impression of it being unreliable,” said an expert from the industry on condition of anonymity.

No activity

As of now, there has been no activity in the industry in relation to endosulfan, said industry insiders. The lifting of the ban will be only applicable to unused stocks of endosulfan.

Experts further added that the export demand for endosulfan was “good”. All countries are required to phase out the use of endosulfan gradually. In some cases, it may happen in a year or two while in some others it may happen in the next four-five years, they said.

Published on September 28, 2011
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