Meanwhile, BSE Sensex was up 372.26 points or 2.1% to 18,099.75

On BSE, 6,339 shares were traded in the counter. The stock had an average daily volume of 490 shares in the past one quarter.

The stock hit a record high of Rs 2,774 in intraday trade today, 24 June 2011. The stock hit a low of Rs 2415 so far during the day. The stock had hit a 52 week low of Rs 1602.10 on 5 August 2010.

The mid-cap scrip had outperformed the market over the past one month till 23 June 2011, rising 26.04% compared with the Sensex's 1.48% fall. The stock had also outperformed the market in past one quarter, surging 27.45% as against 2.63% decline in the Sensex.

The company's current equity is Rs 10.40 crore. Face value per share is Rs 10.

Godfrey Phillips India was initially incorporated as an equal joint venture between the K K Modi Group and Philip Morris with each holding 36% stake. In 2009, the Modi Group acquired additional 10.8% stake in Godfrey Phillips India from Philip Morris for Rs 100-125 crore, taking its holding to 47%. As at end March 2011, foreign promoter Philip Morris' holding was 25.1% while Indian promoter the K K Modi Group's holding was about 46%.

As per the joint venture agreement, the K K Modi Group has right to take up its holding to 51% by buying further into Philip Morris' holding to get a majority control of the company. The deal will bring down Philip Morris' stake to 21%.

Currently Godfrey Phillips India management is controlled by both the joint venture partners. The stake acquisition will give management control to K K Modi Group.

The company's net profit jumped 294.4% to Rs 56.32 crore on 30.6% rise in net sales to Rs 458.03 crore in Q4 March 2011 over Q4 March 2010.

Godfrey Philips India manufactures and sells cigarette, tobacco, and tea products in India.