Supreme Court allows export of endosulfan stocks

The Supreme Court has given the nod for exports of endosulfan, a pesticide that now stands banned in India, helping shares of Excel Crop Care and Coromandel International gain.

In May, the apex court clamped a ban on manufacture and sale of endosulfan, pending receipt of a report from the expert committee constituted by the union government about the product.

Excel Crop Care shares rose over 13 per cent while Coromandel International surged over 4 per cent.

There are around 1,100 tonnes of unsold stocks of endosulfan in the country and the order comes as a relief to endosulfan manufacturing companies.

A three judge bench headed by Chief Justice S H Kapadia allowed the companies to meet their contractual obligations of export.

The bench also directed that necessary precautions be taken by the companies and custom and excise authorities in packaging the banned pesticide so that it could be safely exported.