Godfrey Phillips India declines on suspending operations

Godfrey Phillips India fell 3.87% to Rs 886.50 after the company said it has suspended operations at all its factories and plant locations in the wake of COVID-19 pandemic.

The company said it has already adopted work from home for its employees to minimize the risk and contain the spread of COVID-19. The firm is closely monitoring the situation and will take all necessary measures as directed by the central and state government and authorities from time to time. The impact on the operations of the company cannot be assessed at this point, it added. The statement was issued before trading hours today, 30 March 2020.

Shares of Godfrey Phillips India surged 23.15% in the past three trading sessions to settle at Rs 922.15 on Friday, 27 March 2020 from its close of Rs 748.80 on Tuesday, 24 March 2020.

Godfrey Phillips India's consolidated net profit soared 39.14% to Rs 114 crore on a 14.49% jump in net sales to Rs 751.47 crore in Q3 December 2019 over Q3 December 2018.

Godfrey Phillips India, flagship company of Modi Enterprises, makes some of the most popular cigarette brands in the country like Four Square, Red and White, Cavanders, Tipper and North Pole. Godfrey Phillips India also manufactures and distributes iconic brand Marlboro under a license agreement with Philip Morris.

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