Monsanto India is locked in upper circuit for second day in a row, up 20% at Rs 1,613, also its new high on the BSE, on reports that the Union ministry of environment and forests (MoEF) has approved field trials of genetically modified(GM) food crops on a conditional basis.

Monsanto India, a subsidiary of the Monsanto Company, USA is a seed company focusing on maize and agricultural productivity.

Since January 30, the stock has been almost double from Rs 822 after reported a strong December quarter results. The benchmark S&P BSE Sensex index has gained 2.9% during the same period.

The company had posted 122% year-on-year (yoy) jump in net profit at Rs 65.11 crore on back of 63% yoy growth in net sales at Rs 182 crore for the quarter ended December 31, 2013.

At 1000 hours, a combined 78,000 shares already changed hands on the counter and there are pending buy orders for around 35,000 shares on the BSE and NSE.