Lalit Modi transferred his 2,000 shares worth Rs 114,000,0 (as of Friday) in his name to son Ruchir Kumar Modi.
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.
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Shares of cigarette companies such as Godfrey Phillips and ITC surged as much as 10.4 per cent on Thursday.
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.
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.'
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.
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.
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.
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.
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.
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.
Godfrey Phillips, controlled by his father K K Modi, paid Rs 1.7 crore despite him not attending a single board meet
Currently, 40 per cent of the front and back panel of cigarette packs is covered with warnings.
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.
Over 900 listed firms yet to comply with new Sebi requirement due in less than 90 days
The stock was the worst hit among Sensex and Nifty components.
Back in the thick of action, former Indian Premier League boss Lalit Modi will be in his element now
Tata Steel, SBI, Infosys and L&T were among the top gainers for the day.
Five of these have wound up since, according to records of the Ministry of Corporate Affairs
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
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.
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.
Women from promoter families who have become directors since January this year include Sarala Birla (Century Textiles, Century Enka), Nawaz Gautam Singhania (Raymond Group), Bina Modi (Godfrey Phillips), Saroj Bhartia (Jindal Drilling & Industries) and Deepshikha Khaitan (Cera Sanitaryware).
Food regulator has closed more than 15 files.
The 30-share Sensex ended down 208 points at 27,057 and the 50-share Nifty closed 59 points lower at 8,094.
According to market experts, GST Bill, movement of the rupee and uncertain global cues amid expected rate cut by the US Fed will dictate the movement of the markets.
Market breadth was weak with 1,260 advances and 1,597 losers on the BSE.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Prakash Bhandari chalks the journey of Lalit Modi from his troubled adolescent days to his mid-life crisis, from his grand success at the India Premier League to his dramatic exit from it
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