Godfrey Philips rallies over 6% as IDFC MF buys 2.5 lakh shares

NEW DELHI: Godfrey Philips India Ltd which is one of the largest players in the Indian cigarette industry rallied as much as 6.3 per cent in trade on Thursday, on reports that IDFC Premier Equity Fund today acquired shares in the company.

At 10:50 a.m.; Godfrey Philips was trading 5 per cent higher at Rs 2900. It has hit a low of Rs 2790.10 and a high of Rs 2918.65 in trade today.

IDFC Premier Equity Fund acquired a total of 2.50 lakh shares of leading cigarette maker Godfrey Phillips India for an estimated Rs 69 crore through the open market route, PTI reported. The shares were purchased for an average price of Rs 2,760 apiece valuing the transaction at Rs 69 crore.

According to the bulk deal information with the stock exchanges, IDFC Premier Equity Fund purchased 1.25 lakh shares each of Godfrey Phillips on both the NSE and the BSE.

“Separately, Royal Bank of Scotland offloaded total of 1,85,164 shares of Godfrey Phillips worth over Rs 51 crore,” added the report.

A flagship company of the diversified K K Modi Group, Godfrey Phillips India manufactures some of the most popular cigarette brands in the country like Four Square, Red and White, Cavanders.