Shares of Godfrey Phillips India surged over 5% on May 3. This rally came after the company signed an agreement with Ferrero India for distribution and resale of select food products.
Godfrey Phillips is known for producing cigarette brands like Four Square, Red & White and Cavanders. The company also manufactures and distributes Marlboro cigarettes in India through an arrangement with Philip Morris.
As per the agreement, Godfrey Phillips will procure products from Ferrero India Private Limited. It will then distribute or resell them through select channels across its distribution network.
Ferrero is a subsidiary of the Italy-based Ferrero Group. It is a sweet-packaged food company known for its premium chocolates.
At 1:09 pm, shares of Godfrey Phillips were trading 4% higher at Rs 3,422.70 on the NSE.
