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Our Bureau

Chennai, Oct. 29 EID Parry (India) Ltd, the Murugappa Group company, has been hit by low sugar prices in the domestic and international market and reported a loss despite higher volumes of sugarcane crushing and sugar production.

The company’s board has approved — subject to shareholders’ approval — a proposal to buy-back fully paid equity shares of Rs 2 each at a maximum of Rs 160 a share. Shareholders’ approval will be obtained through postal ballot.

According to a press release from the company, the selling price of sugar is lower than the cost of production. Sugar realisation during the second quarter ending September 30, was Rs 12,799 a tonne against Rs 16,543 in the corresponding period last year. Overall sugar production was 107,463 tonnes (98,010 tonnes).

On the BSE, the company’s shares closed at Rs 154.85 which is 2.14 per cent higher than the previous close of Rs 151.60.

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