Phoenix Mills experienced a substantial surge of approximately 6 percent, reaching a historic high of Rs 2,060 on the National Stock Exchange on October 13. This marked the fourth consecutive day of gains for the company, accompanied by increased trading volumes, making it the top performer on the Nifty realty index.
The stock’s upward trajectory can be attributed to a positive business update for the July-September quarter, which heightened expectations of robust financial performance in Q2. Adding to the positive sentiment was Morgan Stanley’s “overweight” rating, serving as an additional boost for investor confidence.
JM Financial maintained a “buy” recommendation for the stock, setting a target price of Rs 2,010.
In the Q2 update, Phoenix Mills reported a significant increase in estimated retail collections, showcasing a remarkable 23 percent year-on-year rise, totaling Rs 638 crore in the September quarter. Moreover, the company noted a substantial surge in total retail consumption, marking a 20 percent growth to Rs 2,637 crore, as stated in the update.
As of 2:36 pm, the stock was trading around 4.02 percent higher at Rs 2,017.60 on the National Stock Exchange, reflecting the market’s positive response to the company’s robust performance indicators.
