Value buying has emerged in the stocks that significantly fell after govt imposed new excise duty on cigarettes; price hike also aided in bullish sentiment towards the beaten down stocks
Significant hike in tobacco tax rates have depressed volumes severely in the past, warned analysts
Any higher taxes on cigarettes will result in a sharp decline in cigarette volumes for tobacco firms.
The company's revenue from operations rose over 27 percent year-on-year to Rs 1,896 crore in Q3 FY25. Its revenue from operations stood at Rs 1,488 crore in Q3 of FY24.
A stable taxation regime augurs well for sustained momentum and volume growth in the cigarette and tobacco business.
While the benchmarks Nifty 50 and the Sensex ended the session in the red, the broader market outperformance, keeping the overall market breadth in favour of gainers.
Godfrey Phillips' board will meet on September 20 to approve the bonus issue in the ratio of 2:1, implying that two bonus shares will be issued for each one share held.
Once a boom is well started, it cannot be arrested. It can only be collapsed - John Kenneth Galbraith
Stocks like Godfrey Phillips, Deep Industries, RBM Infracon, Granules India and Suven Pharma will also be in focus on Monday.
Delhi HC directs Bina Modi to provide semi-annual disclosures regarding the remuneration and benefits she receives as MD of the company
In Godfrey Phillips India, promoters own 72.58 per cent stake, in which the Modi family owns 47.48 per cent stake and the remaining 25.10 per cent is owned by Philip Morris Global Brands Inc.
Its revenue from operations increased 22.86 per cent to Rs 1,197.13 crore during the quarter under review, up from Rs 974.40 crore in the corresponding period of the previous fiscal.
Godfrey Phillips India produces a range of cigarette brands. The company also manufactures and distributes the global cigarette brand Marlboro in India through an arrangement with Philip Morris.
Linde India formed strong bullish candlestick pattern on the daily charts with significantly higher volumes. The stock traded above all key moving averages and continued higher highs, higher lows formation for yet another session.
Linde India has seen a nice breakout of downward sloping resistance trendline adjoining highs of October 12, 2023 and February 19, 2024. The stock formed long bullish candlestick pattern on the daily charts with above average volumes.