Shares of Phoenix Mills soar to 52-week high amidst weak market conditions

Indian headline indices ended the trading session with substantial declines, primarily affected by significant losses in the banking, auto, and financial services sectors. The BSE Sensex tumbled 0.85% to 66,230 level at the close. The Nifty 50 index plunged 0.80% per cent to a level of 19,742.

The BSE Realty sector also experienced notable losses during the session. However, amidst the overall weak market conditions, shares of Phoenix Mills Ltd, a leading real estate company, stood out by touching a 52-week high on the BSE, attracting investors’ attention. During early trades on Thursday, shares of Phoenix Mills Ltd experienced a significant rally of over 4%, reaching a 52-week high of Rs 1,907.20 per share on the BSE.

The company has recently inaugurated its second mall in Pune, named ‘Phoenix Mall of the Millennium.’ This expansive retail complex, covering a vast 16-acre area and featuring over 12 lakh square feet of gross leasable space, is situated in the prominent consumption hub of West Pune, Maharashtra. It houses more than 350 national and international brands, providing a superb shopping experience along with immersive offerings.

Taking into account the company’s financial performance, it reported a modest growth of 5.03% from Rs 112.22 crore registered in Q1FY23, recording total revenue of Rs 117.87 crore in Q1FY24. Compared to the same quarter last year, the net profit for the first quarter of FY24 declined 38.5%, from Rs 83.22 crore to Rs 51.18 crore.

Established in 1905, Phoenix Mills Ltd is India’s largest retail-led mixed-use developer with a presence across major metros including Mumbai, Bengaluru, Chennai, Pune, Agra, Indore, Lucknow and Ahmedabad. It is one of the leading players in the operations and management of malls, construction of commercial and residential properties and hotel businesses in India.

Keep a close eye on this stock for the upcoming sessions!

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.