Phoenix Mills shares climb 4% despite market weakness; trades near 52-week high

Indian benchmark indices have continued to decline after a strong rally during the corporate earnings season. Heavy selling was observed in the financial services and banking sectors, which benefited the most from foreign investment during the rally. 

BSE Realty was today’s worst-performing sector, with losses of more than 1% with the majority of its constituents trading lower. Shares of Phoenix Mills Ltd maintained their momentum after hitting a fresh 52-week high of Rs 1,797 per share on the BSE yesterday. On an intraday basis on Wednesday, shares of Phoenix Mills Ltd soared more than 4% during the opening trades, reaching a day’s high of Rs 1,767 per share on the BSE. 

Yesterday, the company reported its June quarter 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. 

The company, on the other hand, reported that the total consumption in July 2023 was Rs 9,310 million, representing a 15% year-on-year growth over July 2022. Additionally, the company declared that trading occupancy at the Phoenix Palladium Mumbai, Phoenix Marketcity Bangalore, Phoenix Marketcity Pune, and Phoenix Marketcity Chennai showed significant growth compared to the March quarter. 

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. Shares have delivered around 18% returns year-to-date and are trading near their 52-week high. 

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.