India's Phoenix Mills slumps on Q2 profit drop

The Phoenix Mills

28/10/2024 05:32

** Shares of Phoenix Mills  PHOE.NS  drops 7.9% to 1,366 rupees,
their steepest one-day pct drop in more than seven months
    ** PHOE bottoms the Nifty Realty Index  .NIFTYREAL , which
is up 0.15%
** Real estate developer's Q2 profit drops 13.7%, hurt by a 9%
rise in costs; rev up 5%
    ** Stock set to mark fourth-straight losing day, if trend
holds
    ** Analysts' avg rating on stock is "buy;" their median PT
is 1,725 rupees - LSEG
    ** PHOE among nine of 10 stocks on Nifty realty index rated
"buy;" Oberoi Realty  OBEO.NS  only "hold" rated stock
    ** Stock up 22% YTD, its fourth-straight year of gains,
Nifty Realty Index has risen 24%

(Reporting by Aleef Jahan in Bengaluru)
((mailto:aleefjahan.cs@thomsonreuters.com))