India's Phoenix Mills up 4% as analysts see consumption-led earnings growth

The Phoenix Mills

26/05/2023 07:50

** Shares of Phoenix Mills Ltd  PHOE.NS  rise as much as
4.06%, most intraday pct gain in two months, to 1,458.50 rupees
    ** Analysts reiterated bullish view on real estate developer
after it reported qtrly net profit more than doubled Y/Y to 2.54
bln rupees ($31.1 mln)
    ** Stock fell nearly 1.5% on Thursday
    ** Morgan Stanlay maintains "overweight" on stock with TP of
1,700 rupees, citing strong growth due to pick-up in consumption
and robust pipeline of under-development retail and office
assets
    ** ICICI Securities reiterates "buy" and raises TP to 1,712
rupees share from 1,645 rupees apiece, citing ramp-up in
occupancy across operational malls and inflation-linked
consumption growth
    ** HDFC Securities maintains "buy", citing consumption
recovery, captive mall expansion, office space addition, strong
business development pipeline and lower net debt    
    ** Trading volume is 266,419 shares as of 12:03 p.m. IST,
1.4x 30-day avg - Refinitiv data
    ** Of 17 analysts tracking PHOE, 15 maintain "buy", one
"sell" and one "hold"; median TP is 1,650 rupees

     ($1 = 81.7800 Indian rupees)
    
    


($1 = 81.7800 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))