India's Excel Crop rallies on favourable endosulfan report
MUMBAI Nov 20 (Reuters) - Shares in India's Excel Crop Care Ltd rallied as much as 16.6 percent after a TV news channel reported that an expert panel told India's top court that endosulfan pesticide could be used in farms for the next two years.
India's Supreme Court had last year banned the manufacture and sale of endosulfan in the country, pending a report from the government-constituted committee to review the safety of the product.
The United Nations in June 2011 had added endosulfan to its list of hazardous industrial chemicals.
Excel Crop Care is India's largest maker of endosulfan, a controversial pest killer often linked to health hazards, followed by state-run Hindustan Insecticides and numerous other small manufacturers.
The panel has recommended the use of endosulfan for two years as a pesticide, ET Now television channel reported.
"The expert committee has submitted its report to the Supreme Court today and a final hearing is scheduled on Nov. 29," Pradip Dave, president of the Pesticides Manufacturers & Formulators Association of India, told Reuters over the telephone. Dave said he had not seen the report.
The panel's report was not immediately available.
The court had earlier allowed exports of pending stocks of endosulfan, which is mostly shipped to Africa and Latin America.
Valued at $41.4 million, shares in Excel Crop Care were up 9 percent at 226.40 rupees at 0920 GMT in a weak Mumbai market . (Reporting by Kaustubh Kulkarni; Editing by Prateek Chatterjee)
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