Branded sugar foray lifts EID Parry

DALAL STREET SPIKES

The share price of sugar company EID Parry hit a 52-week high of Rs 374 in intra-day deals on sustained buying. The stock was in the limelight and surged four per cent in a subdued market to close at Rs 366.50 after the company unveiled its branded sugar on Thursday.

More than 21,000 shares changed hands on the BSE and nearly 50,000 shares were traded on the NSE. Analysts said the stock has been on an upward trend on the back of strong quarterly performance and overall increase in sugar prices.

From a low of Rs 176.30 on June 23, 2004, the scrip has jumped up over 95 per cent to Friday's close of Rs 366.50.

EID Parry is one of the largest sugar producers in the south. The company hived off its farm-input division in favour of Coromandel Fertilizers with effect from April 1, 2003.

Post de-merger, EID Parry is concentrating mainly on three segments - the sugar business, sanitaryware, and bio products.