Being launched in the Covid-19 phase, the company has made significant investments in Covid-proofing every touchpoint of the mall.
The realty developer on Wednesday (8 July) launched a shopping mall, Phoenix Palassio, in Lucknow. Spread across 13.53 acres and a built-up area of 1 million square feet, the mall is flanked by three entrances and a 200-feet tall musical fountain.The mall has implemented minimal contact services, floor markers to ensure social distancing, UV screening of bags, pre-sanitised shopping trolleys, hand sanitisers placed at multiple locations for easy access, and contactless payments at retail outlets and car parking. These have been implemented for customers, retail partners and employees, ensuring a safe retail experience for all, the company said in a statement. Food courts in the mall will be operated at 50% occupancy.
Shares of Phoenix Mills fell 1.70% to Rs 576 on BSE. The scrip hovered in the range of Rs 571.10 to Rs 589.75 so far.
On the technical front, the stock's RSI (relative strength index) stood at 49.684. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading in between its 50-day moving average (DMA) placed at Rs 558.24, with will act as a support in the near term and its 200-day moving average (DMA) placed at Rs 698.32, would act as a resistance in the upcoming trade.
The Phoenix Mills' consolidated net profit slumped 82.3% to Rs 48.26 crore on 44.8% drop in net sales to Rs 399.24 crore in Q4 March 2020 over Q4 March 2019.
The Phoenix Mills group is the largest player in the Indian retail mall segment, and has a portfolio of of eight retail mall assets across major cities in the country. It also has an office portfolio of in Mumbai and Pune, two operational hotels (one in Mumbai and another in Agra), and residential real estate in Bengaluru and Chennai.
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