India's Phoenix Mills rises on $61.6 mln land acquisition

The Phoenix Mills

19/12/2022 04:44

** Shares of real-estate developer Phoenix Mills Ltd
 PHOE.NS  rise as much as 2.9% to 1438.45 rupees
    ** Stock hits highest level since Dec 14, top gainer in
Nifty realty index  .NIFTYREAL 
    ** PHOE said on Friday it is acquiring 7.22 acres of land in
Surat, Gujarat, for nearly 5.1 bln rupees ($61.64 million)
 urn:newsml:reuters.com:*:nFWN33611W
    ** "The acquisition of the Surat land parcel lends further
visibility for growth" says Kotak Securities, while maintaining
"add" rating
    **Stock continues above its 100-, 200-day simple moving
averages
    ** Analysts' average rating on the stock is the equivalent
of "buy"; median PT is 1,642.50 rupees - Refinitiv data
    ** Stock up 43.76% YTD, vs a 9.03% decline in the Nifty
realty index as of 9:41 a.m. IST 
($1 = 82.7450 Indian rupees)
 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))