India's Phoenix Mills rises on prime land acquisition

The Phoenix Mills

27/02/2023 07:09

** Shares of Phoenix Mills  PHOE.NS  rise as much as 2.82%
to 1,352 rupees, their highest since Feb. 16
    ** Co on track for second consecutive session of gains if
trends hold
    ** Real estate developer said its unit has acquired a prime
land parcel in Kolkata for 4.14 bln rupees ($49.9 mln)
    ** Co says estimated gross sales value from the project in
excess of 23 bln rupees
    ** About 235,600 shares traded as of 12:14 p.m. IST, roughly
equal to 30-day average
    ** Brokerages bullish on co, with average rating of 15 firms
close to the equivalent of "buy" and median PT of 1,645 rupees -
Refinitv data
    ** Stock down 7.56% YTD as of last close, after posting two
consecutive years of gains
    
    ($1 = 82.9180 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com;))