Nuvama optimistic about India's Phoenix Mills' long-term growth prospects; shares rise

The Phoenix Mills

09/10/2024 06:49

** Shares of Phoenix Mills Ltd  PHOE.NS  rise as much as
6.1% to 1,756.75 rupees
    ** Brokerage Nuvama remains sanguine about co's long-term
growth prospects, maintains 'buy' with an unchanged TP of 1,857
rupees, an upside of 12.1% from last close
    ** H1FY25 consumption increased 25% YoY driven by strong
performance in Phoenix Palassio, Phoenix MarketCity Mumbai, and
supported by ramp-up in the newly launched malls - Nuvama    
    ** Adds, occupancy at the St. Regis hotel stayed healthy at
85% in Q2FY25
    ** Entry in new cities and operationalisation of
under-construction/planned assets are triggers that should play
out over next few years - Nuvama
    ** Mean rating of 16 analysts rating the stock is 'hold';
their median PT is 1,725 rupees - LSEG data
    ** PHOE has gained ~53.5% YTD 

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))