Godfrey Phillips Shares soar 15% in a weak market; here’s why!

The Indian headline indices fell sharply in today’s trading session, pulled down by massive losses in the auto, energy, and oil & gas sectors. In contrast, BSE Realty and BSE Healthcare soared more than 2% in an otherwise weak market. 

Broader indices outperformed the main indices significantly. Godfrey Phillips India Ltd, one of the top gainers in the BSE Smallcap group, drew investors’ attention with its robust uptrend and traded at a nearly 17-fold surge in volume. 

On an intraday basis on Thursday, the shares of Godfrey Phillips India Ltd climbed more than 15%, reaching an intraday high of Rs 1,990 per share on the BSE. Following the announcement of the company’s strong quarter results, shares have seen significant buying interest. 

Considering the company’s quarterly performance, on a consolidated basis, it reported an outstanding growth of 26.84% from Rs 981.83 crore registered in Q1FY23, recording total revenue of Rs 1,245.39 crore in Q1FY24. It has reported strong operating profit growth of 50%. When compared to the same quarter last year, the net profit for the first quarter of FY24 climbed 78.81%, from Rs 142.30 crore to Rs 254.45 crore. 

The company stated that the next annual general meeting will take place on September 1, 2023. It also added that the dividend for the financial year 2022-23 will be distributed within 30 days of the annual general meeting to members whose names appear in the register of members as of August 11, 2023. Shares of the company have already returned more than 70% over the last year!   

Godfrey Phillips India Limited, the flagship company of Modi Enterprises, is one of India’s top FMCG companies, producing some of the country’s most popular cigarette brands. The company has expanded its product portfolio beyond cigarettes and tobacco and entered India’s highly competitive confectionery segment and retail. 

Keep a close eye on this stock for the upcoming sessions! 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.