Godfrey Phillips shares extend fall; key technical levels in focus

Shares of Godfrey Phillips India Ltd continued their decline in Friday's trade following the Centre's announcement of an excise duty on cigarettes, effective February 1. The stock dropped 4.58 per cent to touch a day's low of Rs 2,184.60 and was last seen trading at Rs 2,256.50, down 1.48 per cent. Over the past six months, the scrip has fallen 23.47 per cent.

The selling pressure came after the government stated that excise-like levies on cigarettes and other tobacco products would be imposed in addition to the existing Goods and Services Tax (GST). The revised framework replaces the earlier provisional levy system with a more formal and stringent tax regime for the sector.

Currently, cigarettes in India attract a total tax incidence of up to about 53 per cent of the retail price, comprising 28 per cent GST and size-based levies. This remains below the World Health Organization's recommended 75 per cent tax share on tobacco products.

From a technical perspective, immediate support for Godfrey Phillips could be seen in the Rs 2,100-2,058 range.

AR Ramachandran, part-time Sebi-registered research analyst at Tips2trades, said, "Godfrey Phillips' stock is bearish but also oversold on daily charts with next support at Rs 2,058. Investors should buy only if a daily close is above the resistance of Rs 2,375 which could lead to an upside target of Rs 2,639 in the near term."

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, added, "Support will be at Rs 2,100 and resistance at Rs 2,650. A decisive move above Rs 2,650 level may trigger a further upside of Rs 2,800. The expected trading range will be between Rs 2,000 and Rs 2,800 for the short term."

Godfrey Phillips' product portfolio includes Marlboro, Four Square, Red & White, Cavanders, Focus, among others. As of September 2025, promoters held a 72.58 per cent stake in the company.