Institutional Investors Grab Phoenix Mills Shares
According to finance advisors, Phoenix Mills remains a quasi-play on India’s consumption story, notwithstanding a steep impact on retail and hospitality portfolio in FY21, given the quality of assets, healthy balance sheet and strategic expansion plans. Shares of Phoenix Mills advanced over 3 per
Published -
Aug 25, 2020 5:17 AM
According to finance advisors, Phoenix Mills remains a quasi-play on India’s consumption story, notwithstanding a steep impact on retail and hospitality portfolio in FY21, given the quality of assets, healthy balance sheet and strategic expansion plans. Shares of Phoenix Mills advanced over 3 per cent in Monday’s trade after the latest shareholding data showed that institutional investors including mutual funds and foreign portfolio investors (FPI) have lapped up shares of the company during July 1 and August 22. Mutual funds increased their stake to 12.61 per from 10.16 per cent as of June 30. Likewise, FPI now hold 29.53 per cent stake against 25.74 per cent earlier. With a stake of 4.33 per cent, the Government of Singapore is also among the key shareholders in the company. Insurance firms also hiked their stake to 0.93 per cent from 0.63 per cent earlier. With only five to six major retail mall developers currently in India, and given the company’s USP of operating large format properties efficiently, it is likely to emerge as a superior player in the medium to long term.
Tags : News/Views