The Phoenix Mills rose 1.25% to Rs 639.50 at 11:10 IST on BSE after the company announced that it has acquired an under-construction retail asset in Indore.
The announcement was made after market hours on Friday, 22 June 2018.Meanwhile, the S&P BSE Sensex was down 66.32 points, or 0.19% to 35,623.28.
On the BSE, 1024 shares were traded in the counter so far compared with average daily volumes of 18,000 shares in the past two weeks. The stock had hit a high of Rs 643.40 and a low of Rs 632.10 so far during the day. The stock hit a record high of Rs 725 on 28 May 2018. The stock hit a 52-week low of Rs 440 on 29 June 2017.
The Phoenix Mills said it acquired the asset for Rs 234 crore in an auction conducted by an asset reconstruction company. This brownfield expansion will add approx. 1.1 million square feet to Phoenix Mills' retail asset portfolio. The site offers a further development potential of approximately 800,000 square feet.
On a consolidated basis, net profit of Phoenix Mills rose 101.83% to Rs 103.74 crore on 3.92% decline in net sales to Rs 436.61 crore in Q4 March 2018 over Q4 March 2017.
The Phoenix Mills is a leading retail mall developer and operator in India with approximately 6 million square feet of retail space spread across 8 operational malls in 6 gateway cities of India.
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