GMR Ind to be renamed Parrys Sugar

GMR Industries, in which Murugappa group company EID Parry (India) has acquired a stake of 65 per cent, will be renamed as Parrys Sugar Industries, the company said today.

"The shareholders have approved the change in name of the company to Parrys Sugar Industries," GMR Industries today said in a filing to the Bombay Stock Exchange (BSE).

Early this year, EID Parry, a sugar and bio-product manufacturing company, had struck a deal to acquire 51 per cent in the loss-making GMR Industries from its promoter GMR Holdings, which marked the exit of GMR group from the sugar business.

GMR Industries, which today reported a net loss of Rs 30 crore for the quarter ended September 30, currently operates three fully-integrated sugar complexes in Andhra Pradesh and Karnataka with a combined installed crushing capacity of 11,000 TCD (tonne crushing capacity per day), 46 MW of co-generation and 95 KLPD (kilo litre per day) of distillery.

Net loss of the company was Rs 30 crore for the July-September quarter as against a loss of Rs 18.3 crore during the same period of 2009-10, the filing added.

Net sales of the company during the second quarter jumped to Rs 19.89 crore, slightly up from Rs 16.65 crore reported last year for the same quarter.

Shares of the company were traded today at Rs 147 apiece on the BSE, up 0.38 per cent from the previous close.