scorecardresearchGodfrey Phillips India hits new 52-week high record; here's why

Godfrey Phillips India hits new 52-week high record; here's why

Updated: 12 Dec 2022, 12:42 PM IST
TL;DR.

  • Godfrey Phillips India has gained 120.05% from 52-week low of 933.0, and the stock's weekly average delivery volume is 18.16%.

Godfrey Phillips India surged over 6% on Monday's intra-day trade supported by good volumes

Godfrey Phillips India surged over 6% on Monday's intra-day trade supported by good volumes

Shares of Godfrey Phillips India Ltd recorded a new 52-week high on Monday's trading session, and surged over 6% in the intra-day trade supported by good volumes.

Analysts believe the stock to have reached a new high, following the reports that the government may stop selling loose cigarettes on or before the budget 2023.

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Godfrey Phillips share price chart

Further, they said that 2,110 level for the stock can be tested before it enters the overbought zone, and advised traders to book profits at this levels.

Multiple reports claimed that the Standing Committee of Parliament proposed a ban on the sale of single cigarettes to decrease the use of tobacco products.

"It means customers will be forced to buy branded cigarettes in packets from players like Godfrey Philips India, ITC, VST Industries, etc., which will benefit such players in terms of volumes of growth," said Avinash Gorashakar, head research, Profitmart Securities.

Other tobaccos stocks such as ITC, VST Industries, NTC Industries were up by 0.7% to 2.3%, while Golden Tobacco was down 0.07% on Monday's trade.

"Usually low end smokers used to buy just two-three sticks from local vendors, but now if loose cigarettes are banned totally then they will be forced to buy a packet which will be good for the cigarettes' players ahead," added Gorashakar.

Godfrey Phillips India has gained 120.05% from 52-week low of 933.0, and the stock's weekly average delivery volume is 18.16%.

Today, the stock is trading at high volume of 486.6K with price gain of 5.63, and the stock price outperformed its sector by 17.6% in the past year.

According to Mintgenie poll, one analyst recommend ‘buy’ rating on the stock.

 

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First Published: 12 Dec 2022, 12:42 PM IST