Shares of Godfrey Phillips India Ltd. rallied over 9% on Thursday after the tobacco products manufacturer approved a top level management change in the organisation.
The company's board approved the appointment of Siddharth Chawla as the Chief Operating Officer and a Senior Management Personnel, effective Jan. 7, 2025, according to an exchange filing on Thursday.
Chawla is a business leader with about 24 years of rich and diverse experience including in senior management and cross-functional leadership positions, the company said in the filing.
The newly appointed COO started his career with the FMCG major ITC Ltd. as a management trainee in 2001 and was made the business head-north India when he left it in 2019.
Godfrey Phillips last month announced an interim dividend of Rs 35 against each equity share of Rs 2 for the financial year 2024–25.
For the second quarter ending September 2024, the cigarette maker reported a 23% rise in consolidated net profit at Rs 248.31 crore, which was fueled by higher sales. In the same quarter last fiscal, the company had posted a consolidated net profit of Rs 202.06 crore, according to its exchange filing.
Consolidated total revenue from operations stood at Rs 1,651.42 crore in the quarter under review compared to Rs 1,374.55 crore in the year-ago period.
The company's stock rose as much as 9.7% during the day to Rs 5,555 apiece on the NSE. It was trading 7.17% higher at Rs 5,425 apiece, compared to a 0.10% advance in the benchmark Nifty 50 as of 1:22 a.m.
It has risen 156% during the last 12 months. The total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was at 40.
One analyst tracking the company has a 'sell' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 2.3%.
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