Shares of Godfrey Phillips were locked in the upper circuit on Tuesday after the cigarette maker posted a two-fold jump in its June-quarter profit.
NSE
The company reported a consolidated profit of Rs 118.42 crore in the three months ended June 30 from Rs 57.31 crore in the year-ago period.
Godfrey Phillips' consolidated income during the April-June quarter increased to Rs 858.49 crore from Rs 612.56 crore in the year-ago quarter.
The company earlier faced allegations of violations regarding the manufacturing of Marlboro cigarettes. However, it rejected the accusations and said that is in complete compliance with India's FDI norms.
Godfrey Phillips has an exclusive procurement and supply agreement with Philip Morris International to manufacture and distribute Marlboro in the country.
On Tuesday, the stock surged 20 percent to Rs 850.95 per share on the Bombay Stock Exchange.
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