Godfrey Phillips executive director Samir Modi has lodged an FIR in New Delhi's Sarita Vihar police station, alleging that her mother Bina Modi and Lalit Bhasin, one of the company's board members, orchestrated an assault on him during the board meeting. It further exacerbated the ongoing feud among the late KK Modi's family members over the distribution of the Rs 12,000 crore inheritance. Bina is also the director of Godfrey Phillips.
From the 30-Sensex firms, ITC tanked 9.69 per cent, following Bajaj Finance, Asian Paints, Bharat Electronics and ICICI Bank. In contrast, NTPC, Eternal, Mahindra & Mahindra, Larsen & Toubro and Power Grid were among the gainers.
This is the second-worst performance by the pack during this period over the last five years since CY20.
Lalit Modi transferred his 2,000 shares worth Rs 114,000,0 (as of Friday) in his name to son Ruchir Kumar Modi.
The initiative, which is now across 12 locations, costs the company anywhere between Rs 3-5 lakh per location. The company refused to divulge expansion plans.
Leading cigarette maker Godfrey Phillips expects its revenues to grow by over 10 per cent in the fiscal ending March 31, 2004 on the back of rising sales.
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Shares of cigarette companies such as Godfrey Phillips and ITC surged as much as 10.4 per cent on Thursday.
ITC has introduced differentiated cigarettes like Gold Flake Indie Mint, Gold Flake Neo and Classic Rich & Smooth in the premium end. Godfrey, too, introduced flavoured variants like Four Square Clove Crush in the mid-tier segment and has seven variants of the Marlboro brand for India.
Unresolved succession plans and informal ownership structures are fuelling bitter family fights across India's corporate boardrooms.
'Everything can be resolved, but my husband's legacy is not up for sale.'
ITC has been one of the best performing large-cap stock at the bourses thus far in calendar year 2022 (CY22), rallying nearly 52 per cent during this period and outperforming the sector benchmark - the S&P BSE FMCG index - by a wide margin that moved up around 17 per cent during this period. However, the counter has lost over 5 per cent from its recent high of Rs 346.25 hit on September 23, 2022 and has underperformed the S&P BSE Sensex, which has lost nearly 2 per cent since then. So, is the rally in the stock coming to an end, and is this a good time to book profit?
Do you think carrying pictorial warnings on Indian cigarette packets will discourage desi smokers? Tell us what according to you will reduce smoking amongst young Indians.
The companies said there was no clarity on types of warnings to be carried on the packages. ITC, the maker of India Kings, Gold Flake and Navy Cut, stopped production at all the five units located across India from yesterday. It has manufacturing facilities in Bangalore, Munger, Saharanpur and Kolkata.
India's tobacco majors ITC and Godfrey Phillips India (GPI) have stopped production of cigarettes in view of uncertainty over the sort of pictorial warnings that needed to be carried on tobacco products starting this month.
Each year for 20 years now Godfrey Phillips has been giving out awards for various acts of bravery. These are the winners of the Maharashtra-Chhattisgarh-Goa zone.
Giving in to the demand of the tobacco industry, the government on Tuesday decided to retain the existing pictorial warnings on cigarette and bidi packages for one more year.
Hit by the recent government diktats on banning smoking in public places, cigarette manufacturing firms are putting up a brave front and are gearing up to cope with the revenue loss. While companies like Godfrey Phillips have put up 'no-smoking' posters in their offices and removed ash-trays, lighters from their premises, others like ITC and the Indian Hotel Association have sought relief from the Supreme Court.
From being considered as 'niche' and hence available only in five star hotels and duty free shops, cigars seem to be slowly gaining popularity as they now adorn almost every neighbourhood pan shop.
With a view to expand globally following stringent regulations on smoking and its advertisements in the country, Godfrey Phillips India is launching its first international brand of cigarette -- Force 10 -- in the African continent next month.
Godfrey Phillips, controlled by his father K K Modi, paid Rs 1.7 crore despite him not attending a single board meet
The world is full of family businesses that withered away with the passing of generations, creating much bitterness and ill will. Entire clans that used to be household names have become pale shadows of their once-mighty empires.
Phillip Morris says its research shows that the product while giving the same delivery of nicotine to smokers, does not produce the toxic and carcinogenic effects of cigarette smoking known as harmful and potential harmful constituents.
The stock was the worst hit among Sensex and Nifty components.
Currently, 40 per cent of the front and back panel of cigarette packs is covered with warnings.
Back in the thick of action, former Indian Premier League boss Lalit Modi will be in his element now
The 50-share NSE Nifty stayed in the positive zone and retook the 9,900-mark to hit a high of 9,905.05 as buying paced up towards the fag end. It settled higher by 72.45 points, or 0.74 per cent, at 9,899.60.
Over 900 listed firms yet to comply with new Sebi requirement due in less than 90 days
The rules make India's health warnings on tobacco products the world's most stringent, along with Thailand
The BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.6% and 1.1%, respectively
Five of these have wound up since, according to records of the Ministry of Corporate Affairs
Food regulator has closed more than 15 files.
Tata Steel, SBI, Infosys and L&T were among the top gainers for the day.
The Nifty has gained 2.6% so far this week, while the Sensex has climbed 2.85%
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