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Phoenix Mills rallies 7% as arm emerges highest bidder for plots in Punjab
Source: Business Standard
The Phoenix Mills stock surges: Shares of The Phoenix Mills rose up to 6.53 per cent to hit an intraday high of Rs 1,878.15 per share on Friday, September 20, 2024.
The uptick in The Phoenix Mills share price came after the company said that it unit, Casper Realty Private Limited, has been declared as the highest bidder for two prime city-centric plots in Mohali, Punjab.
The plots, totaling approximately 13.14 acres, are situated in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar (Mohali), and were auctioned by the Greater Mohali Development Area Authority (GMADA).
“We are pleased to announce that we have been declared as the highest bidders for the acquisition of two land plots in Mohali, Punjab. We intend to develop an iconic retail-led mixed-use destination on this land parcel which will include retail, cinemas, world-class F&B, commercial offices and hotels etc. and is poised to become the new city centre for the CMR region,” said Shishir Shrivastava, managing director at The The Phoenix Mills Limited.
Casper Realty’s winning bid amounted to around Rs 891 crore. The payment is to be completed within the timelines set by GMADA. Both plots are designated for commercial use, and the company plans to develop an iconic retail-led mixed-use project on this site, the company said.
This strategically located land parcel at YPS Chowk benefits from excellent connectivity, making it well-suited to meet the rising demand for retail and entertainment spaces in the Chandigarh Metropolitan Region (CMR).
CMR includes Chandigarh and its neighbouring cities, such as Panchkula, Mohali, Zirakpur, New Chandigarh, Kharar, Pinjore, Kalka, and Barwala. With its position at the crossroads of Punjab, Haryana, and Delhi, the CMR region has become a key area for real estate development.
“Given the strategic location, amidst a dense residential catchment and a large captive and urban population, we believe that our destination mall can cater to the untapped and growing retail demand in this city and truly become the dominant consumption centre not only for Mohali and Chandigarh but for the entire Chandigarh Metropolitan Region, including Panchkula, Zirakpur and neighbouring cities. We remain optimistic about our future mall launches and we continue to execute our previously stated strategy of retail-led mixed-use portfolio expansion in market leading destinations in cities of India, which present the opportunity for us to create such mega consumption hubs,” Shrivastava said.
Q1 financial performance
The Phoenix Mills’ profit fell 3.3 per cent on a year-on-year (Y-o-Y) basis to Rs 232.5 crore in the June quarter of financial year 2025 (Q1FY25), from Rs 240.5 crore in the June quarter of financial year 2024 (Q1FY24). The revenue from operations, or topline, surged 11.5 per cent to Rs 904.1 crore in the June quarter of FY25, from Rs 810.6 crore in the June quarter of FY24.
The Phoenix Mills Ltd, founded by the Ruia family on January 27, 1905, originally began as a textile manufacturing company. Its first operations were established on 17.3 acres of land in Lower Parel, Mumbai, focusing on cotton textile production.
At 9:47 AM, shares of The Phoenix Mills were trading 1.06 per cent higher at Rs 1,781.65 per share. In comparison, BSE Sensex was trading 0.11 per cent higher at 83,272.44 levels.
First Published: Sep 20 2024 | 9:50 AM IST
