Godfrey Philips rises on Marlboro talks report

DALAL STREET SPIKES

Godfrey Phillips India rose 2 per cent to Rs 1,389.90 on BSE on reports that Philip Morris is in discussions with it to manufacture and market its marquee cigarette brand Marlboro through Godfrey's facilities.

The move is significant as, five years ago, Philip Morris had bypassed the Indian joint venture to launch Marlboro in India on its own, through an arrangement with a local distributor, Barakat Foods & Tobacco (BFT).

The company directly imported the product, which was then distributed by BFT under a non-exclusive agreement.