Cigarette Industry

On October 13, the Department of Commerce implemented certain restrictions on importing parts for pocket lighters

Cigarette maker Godfrey Phillips India Ltd Chairperson, Bina Modi on 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 focus on its core business. At the annual general meeting of the company held on Friday, the special business of not filling up the vacancy 'for the time being' caused by retirement by rotation of Samir Modi was taken up along with the appointment of his sister Charu Modi as an executive director, among others for shareholders' approval. 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." In July this year, Godfrey Phillips India (GPI

US-based proxy advisory firm Glass Lewis has advised the shareholders of Godfrey Phillips to vote "against" the special resolution seeking the reappointment of Bina Modi as Managing Director at the Annual General Meeting on September 6. Glass Lewis has backed Samir Modi's presence on the board. Godfrey Phillips India has scheduled its Annual General Meeting on September 6, 2024, in which it has put five ordinary resolutions and one special resolution for approval from its shareholders. As Bina Modi's remuneration exceeds the limits of Rs 5 crore or 2.5 per cent of the net profits of the company, Godfrey Phillips requires a special resolution, which has to be passed from a super majority of 75 per cent of the total votes polled. Opposing the special resolution, Glass Lewis observed there are "no defined performance conditions for the payment of commission" to Bina Modi and her "appointment is as combined chairman and managing director". "Given our concerns, we do not believe ...

Cigarette maker Godfrey Phillips India Ltd on Wednesday reported a 10.17 per cent decline in its consolidated net profit to Rs 228.55 crore for the first quarter ended in June 2024. The company had posted a net profit of Rs 254.44 crore during the April-June period a year ago, according to an exchange filing. However, its revenue from operations was up 15.7 per cent to Rs 1,440.81 crore during the quarter under review. It was at Rs 1,245.39 crore in the corresponding period of the previous fiscal. Total expenses of Godfrey Phillips in the June quarter increased 17.41 per cent at Rs 1,216.52 crore. Revenue from cigarettes, tobacco and related products was up 18.55 per cent to Rs 1,338.40 crore in Q1 of FY25, Godfrey Phillips India, the flagship company of Modi Enterprises, said. Revenue from retail and related products was down 15 per cent to Rs 96.01 crore from Rs 112.95 crore a year ago. Godfrey Phillips operates the convenience store chain 24Seven. Earlier, in April this year,

Company's nomination and remuneration committee will decide on his appointment

ZYN has emerged as a bright spot thanks to booming growth, while regular hikes to cigarette prices have helped offset consistent volume declines across the industry

Cigarette maker Godfrey Phillips India Ltd on Thursday reported an increase of 46.25 per cent in its consolidated net profit to Rs 215.12 crore for the fourth quarter ended March 2024. The company had posted a net profit of Rs 147.09 crore during the January-March period of the previous fiscal, according to a regulatory filing from Godfrey Phillips India. Its revenue from operations increased 22.86 per cent to Rs 1,197.13 crore during the quarter under review, up from Rs 974.40 crore in the corresponding period of the previous fiscal. Total expenses of Godfrey Phillips in the March quarter were up 21.13 per cent at Rs 1,052.66 crore. Its revenue from cigarettes, tobacco and related products was up 22.81 per cent to Rs 1,073.56 crore in Q4 of FY24. Revenue from retail and related products remained flat at Rs 101.42 crore, compared to Rs 100.98 crore a year ago. Godfrey Phillips operates the convenience store chain 24Seven. Total income of Godfrey Phillips India was up 24.06 per c

Multinational company warns country's leadership against increasing taxes on tobacco

Officers of Delhi Customs (Preventive) have searched and recovered over 5.48 lakh foreign-origin cigarette sticks worth Rs 55.23 lakh, which did not have the mandatory pictorial health warning on the packets, the finance ministry said on Friday. It is suspected that these cigarettes were imported illegally/smuggled into the country, evading customs duty and also violating the 'Cigarettes & other Tobacco Products (Packaging & labelling) Amendment Rules, 2022' and being supplied in the domestic market. "Based on an intelligence, the officers of Customs (Preventive) Commissionerate Delhi, searched and recovered 5,48,800 lakh cigarette sticks of foreign origin worth around Rs 55.23 lakh, yesterday," the ministry said in a statement. The cigarettes of different brands, including Platinum Seven, Davidoff, Dunhill and Mond, have been recovered, it said, adding the recovered cigarettes do not have mandatory pictorial health warnings on the packets. During the investigation, one ...

Return of a large number of workforce to offices, coupled with a stable tax regime, is likely to push up cigarette demand by 7-9 per cent this fiscal, according to a report. Cigarette volumes saw an 18 per cent rebound in the last fiscal after the pandemic hit demand in the previous two financial years, the report by Crisil Ratings said on Thursday. Going forward, volume growth is expected to move closer to the long-term average of 5 per cent, the rating agency said in the report. On the other hand, profitability of manufacturers is likely to remain strong despite input cost pressures in FY24 as they focus on premium cigarettes and hike prices in select categories, the report said. Healthy balance sheets will support credit profiles, the report, which is based on an analysis of cigarette manufacturers accounting for over 90 per cent of the organised segment's sales volume, said. Anand Kulkarni, a Director at Crisil Ratings, said physical occupancy at the workplace plays a signific

ITC shares have corrected 10 per cent from their record high level of Rs 499.6, hit on July 24, 2023, as investors booked profit post the hotel business' demerger announcement

Brokerages believe that the proposed tax hike on cigarette in the Union Budget 2023 is not very high and would be easily passed on through small price increases

The changes to legislation, part of a push by Brussels to cut smoking rates, will increase the EU's minimum excise duty on cigarettes from 1.80 euros to 3.60 euros per pack of 20

Tobacco and cigarette manufacturer VST Industries registered a 22 per cent growth in sales and logged 15.4 per cent growth in net profit in the quarter ended September 30, 2022

However, the counter has lost over 5 per cent from its recent high of Rs 346.25 hit on September 23, 2022 and has underperformed the S&P BSE Sensex, which has lost nearly 2 per cent since then

Brand images and logos must be removed from packages of all tobacco products, including electronic cigarettes and refill containers

The ability to smoke out of homes after the pandemic wanes will be among the factors that will drive up cigarette sales in FY22, a rating agency said on Wednesday

Vectura withdraws support for Carlyle deal; Philip Morris is offering 150 pence in cash for every Vectura share

Cigarette maker Godfrey Phillips India Ltd on Saturday reported an 8.09 per cent increase in its consolidated net profit

The stock had run up as much as 40% since November