This BSE500 stock hits all-time high; shares zoom 250% in one year

Shares of Godfrey Phillips India, a tobacco manufacturing company, zoomed as much as 11.7% to hit a record high of ₹7,429.90 apiece on the BSE in the intraday deals on Friday, September 13. 

Moreover, the shareholders of the company also approved the special resolution for the appointment of her daughter Charu Modi and fixing her remuneration with the required votes, according to the scrutiniser's report submitted by the company to bourses.

In July this year, Godfrey Phillips India (GPI) announced it was going ahead with plans to exit from retail business operated under the '24Seven' brand following the setting aside of an interim injunction on the move by a district court in the capital.

Bina Modi at the annual general meeting (AGM) of the company last Friday defended the company's decision to close its retail business '24Seven', the brainchild of her estranged son Samir Modi, saying it was done with a view to focusing on its core business.

In her address to the shareholders, Bina Modi said, "This focus on our core business is in consonance with the 'Theory of Core Competency' propagated by the late global management guru Professor CK Prahalad. This strategy has also led us to the closure of our retail business, 24Seven. At times we need to bite the bullet in the long-term interest of the company and shareholders."

The company's board had on April 12, 2024, approved exiting from carrying out the retail business division operated under 24Seven, subject to completion of the necessary formalities.

Bina Modi has been involved in a boardroom tussle with her son Samir Modi, who had even accused her of orchestrating an attack on him during the company's board meeting.

Godfrey Phillips India is the flagship company of Modi Enterprises. It makes popular cigarette brands like Four Square, Red and White, Cavanders, Tipper, and North Pole.

It also manufactures and distributes the brand Marlboro under a license agreement with Philip Morris.

Godfrey Phillips to consider bonus issue

The company's board of directors is scheduled to meet on Friday, September 20, 2024, to consider the issue of bonus shares to its existing shareholders in the ratio of 2:1. 

Godfrey Phillips India stock performance

Shares of the company have given multibagger returns in both short- and long-term horizons. Data shows that the stock has jumped 250% in the past 12 months and 609% in the past five years.