World's Top Performing Tobacco Stock Extends Gain on Revamp Plan
- Godfrey Phillips is top performer on global tobacco index
- Philip Morris owns at least 25% of the Indian tobacco maker
An Indian labourer smokes a cigarette as he takes a break at the Gaddiannaram fruit market in Hyderabad on February 28, 2013. India's government on Thursday earmarked $1.9 billion for a populist programme to combat malnutrition, a move seen as a major vote winner for the ruling Congress party in elections next year. AFP PHOTO / Noah SEELAM (Photo credit should read NOAH SEELAM/AFP/Getty Images)
Photographer: Noah Seelam/AFP via Getty ImagesGodfrey Phillips India Ltd., the Indian unit of Phillip Morris International Inc., said it plans to hire advisers for a potential revamp and reward its shareholders. The world’s best performing tobacco stock extended the rally.
The board of directors, at a meeting on Jan. 31, authorized the Mumbai-based company to engage the services of a merchant banker or advisers to undertake a study and provide guidance for “reorganizing its various businesses in order to explore the opportunities for value enhancement for its shareholders,” it said in an exchange filing.