Phoenix Mills Shares Hit Record High After Retail Consumption Jumps 27% In FY24
The stock rose as much as 3.68% during the day to Rs 3,140 apiece on the NSE.
Shares of the Phoenix Mills Ltd. hit an all-time high on Friday after its gross retail collection jumped 27% during the last financial year. The commercial real-estate business's gross retail collection rose to Rs 2,743 crore in fiscal 2024. In the March quarter, its retail collection increased 27% to Rs 791 crore, according to an exchange filing on Wednesday.
Its retail consumption rose 22% to Rs 11,327 crore during the financial year-ending March 2024, while during January–March period, it rose 27% to Rs 2,818 crore, it said.
Phoenix Mills' stock rose as much as 3.68% during the day to Rs 3,140 apiece on the NSE. It was trading 0.68% higher at Rs 3,049.05 per share, compared to a 0.45% decline in the benchmark Nifty 50 as of 09:48 a.m.
The share price has risen 137.28% in the last 12 months. The total traded volume so far in the day stood at 3.7 times its 30-day average. The relative strength index was at 68.96.
Out of 17 analysts tracking the company, 11 have a 'buy' rating on the stock, four recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 8.4%.
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