Phoenix Mills gained 4.53% to Rs 421 at 12:01 IST on BSE after a foreign brokerage reportedly upgraded the stock with buy rating and raised its target price to Rs 539.
Meanwhile, the S&P BSE Sensex was down 94.62 points, or 0.32%, to 29,834.43. The S&P BSE Mid-Cap index was up 32.30 points, or 0.23%, to 14,308.84
On the BSE, so far 28,000 shares were traded in the counter, compared with average daily volumes of 29,683 shares in the past one quarter. The stock had hit a high of Rs 428.65 and a low of Rs 410.15 so far during the day.
The stock hit a 52-week high of Rs 445 on 8 September 2016. The stock hit a 52-week low of Rs 285.05 on 15 November 2016. The stock had outperformed the market over the past one month till 6 April 2017, advancing 7.64% compared with the Sensex's 3.55% rise. The scrip, however, underperformed the market over the past one quarter, rising 10.74% as against the Sensex's 11.84% advance.
The mid-cap company has equity capital of Rs 30.61 crore. Face value per share is Rs 2.
The foreign brokerage reportedly said that co-investment platform with CPPIB will boost long-term growth outlook. The platform expects to substantially deploy money within three years. The deal with CPPIB would reset benchmark cap rate valuations for the company, the foreign brokerage reportedly said.
Phoenix Mills and Canada Pension Plan Investment Board (CPPIB) announced participation in a strategic investment platform Island Star Mall Developers (ISMDPL) to develop, own and operate retail-led mixed-use developments across the country. CPPIB will initially own 30% in Island Star Mall with an equity commitment of approximately Rs 724 crore. CPPIB plans to invest a total of approximately Rs 1600 crore in multiple tranches, to own up to 49% stake in the platform. Pre-money enterprise value of ISMDPL is pegged at about Rs 2200 crore. The announcement was made after market hours on Wednesday, 5 April 2017. The stock fell 1.88% to settle at Rs 402.75 yesterday, 6 April 2017.
ISMDPL owns Phoenix MarketCity Bangalore, a mall which opened in 2011, with gross leasable area of 1 million sq. ft. The funds will be used for acquiring and developing both greenfield assets on newly purchased land banks, as well as existing operating retail assets. Phoenix Mills will manage all development and operational assets in ISMDPL.
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On a consolidated basis, Phoenix Mills's net profit fell 6.86% to Rs 44.54 crore on 11.72% decline in net sales to Rs 436.69 crore in Q3 December 2016 over Q3 December 2015.
Phoenix Mills focuses on real estate development and entertainment.
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