The company's non-operational sugar unit at Pettavaithalai in Tamil Nadu will not be operated in future due to low cane cultivation in the area.
The Pettavaithalai sugar unit is not operational due to continuous non-availability of adequate sugar cane. The board of E.I.D Parry (India) has decided that the sugar unit will not be operated in future as the expectation of a revival of the cane cultivation in the area is low due to a variety of factors.The company has proposed to deal with the assets of the unit as may be deemed appropriate. The announcement was made after market hours on Friday, 1 January 2021.
E.I.D Parry (India)'s consolidated net profit jumped 47.9% to Rs 562.70 crore on a 2.8% rise in net sales to Rs 5,836.21 crore in Q2 September 2020 over Q2 September 2019.
Shares of E.I.D Parry (India) rose 0.35% to Rs 345.70. The company is engaged in the manufacturing and marketing of sugar, bio pesticides and nutraceuticals.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app