Shares of Godfrey Phillips India Ltd. rose over 14% in trade after the cigarette manufacturer's net profit surged 68% in the first quarter.
The company's profit increased to Rs 221 crore in the June quarter in comparison to Rs 131.1 crore in the year-ago period.
Godfrey Phillips Q1 FY24 Highlights (Consolidated, YoY)
Revenue grew 27% to Rs 1,245.4 crore.
Ebitda rose 65% to Rs 262 crore.
Ebitda margin was 20.18% compared to the 16.11% in the year ago period.
Shares of Godfrey Phillips were trading 12.23% higher at Rs 1,934.40 apiece as compared to a 0.16% advance in the benchmark NSE Nifty 50 as of 10.56 am. The stock hit an intra-day high of 14.59%.
The total traded quantity so far in the day stood at 50.9 times the 30-day average volume. The stock's relative strength index stands at 78, indicating that it may be overbought.
Two analysts tracking the stock recommend a buy rating, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 11.1%.
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