Prime Minister's push for Monsanto stock price?

Is Prime Minister Manmohan Singh’s comment on BT Cotton pushing up the share price of Monsanto India? The share price of Monsanto has gained a whooping 48 per cent in the past three trading sessions to close at Rs 1,239.

While the share got a boost on Friday on the back of better than expected quarterly results, Singh on Monday made a pitch for genetically modified or GM crops, a contentious topic in India.

Monsanto is a large player in BT cottonseeds. Singh on Monday cautioned against what he called “unscientific prejudices” against GM crops, stressing the importance of biotechnology and other new technologies for agricultural development.

Singh’s comments that there was ‘unscientific prejudices’ against Bt. Crops was enough for punters to bet latch on to Monsanto.