Buy Phoenix Mills\, target price Rs 746: Motilal Oswal

Buy Phoenix Mills, target price Rs 746: Motilal Oswal

Buy Phoenix Mills, target price Rs 746: Motilal Oswal
ETMarkets.com
Share
Font Size
Save
Comment
Synopsis

Phoenix Mills Ltd., incorporated in the year 1905, is a Mid Cap company (having a market cap of Rs 10897.07 Crore) operating in Real Estate sector.

Getty Images
Promoters held 48.3 per cent stake in the company as of June 30, 2020, while FIIs held 26.2 per cent, DIIs 12.7 per cent and public and others 12.8 per cent.

Related

Motilal Oswal has given buy rating to Phoenix Mills with a target price of Rs 746. The share price moved down by 0.27 per cent from its previous close of Rs 632.35. The stock’s last traded price is Rs 630.65.

Phoenix Mills Ltd., incorporated in the year 1905, is a Mid Cap company (having a market cap of Rs 10897.07 Crore) operating in Real Estate sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 134.71 Crore, down 66.26 % from last quarter Sales of Rs 399.24 Crore and down -78.10 % from last year same quarter Sales of Rs 615.04 Crore. The Company reported net profit after tax of Rs -50.51 Crore in latest quarter.

Investment Rationale
Phoenix Mills remains one of the best proxy plays on India’s consumption story in the medium-to-long term. The brokerage maintains Buy owing to a favorable risk-reward having SOTP-based target price of Rs 746.

Promoter/FII Holdings
Promoters held 48.3 per cent stake in the company as of June 30, 2020, while FIIs held 26.2 per cent, DIIs 12.7 per cent and public and others 12.8 per cent.

Read More News on

(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Buy Phoenix Mills\, target price Rs 746: Motilal Oswal

Coronavirus News: First Phase Of Census 2021 Postponed Due To Covid Pandemic

First Phase Of Census 2021 Postponed Due To Covid Pandemic

With the outbreak of COVID-19 and strict instructions to follow social distancing and other hygiene protocols, concerns had been raised over health risks to all involved

First Phase Of Census 2021 Postponed Due To Covid Pandemic

First phase of the Census was to have been conducted from April 1 to September 30 (Representational)

New Delhi:

The first phase of Census 2021 - which had been scheduled from April 1 to September 30 this year - has been postponed because of the coronavirus pandemic, the Home Ministry informed the Parliament Wednesday.

In response to a question by Punjab Congress leader Partap Singh Bajwa, the government said the initial phase of census operations, which would have included related field activities such as the exercise to update the contentious NPR (National Population Register) has been deferred.

A final decision on when these activities will take place has not yet been made. It is unlikely, however, that these will be held this year.

One of the largest administrative and statistical exercises in the world, the census in India is conducted once a decade and normally involves around 30 lakh officials visiting every household across the length and breadth of the country.

However, with the outbreak of COVID-19 and strict instructions to follow social distancing and other hygiene protocols, concerns had been raised over health risks to all involved.

"As the entire exercise needs the involvement of lakhs of officials and visit to each family, we can't underestimate the health risks involved," a senior government official told news agency PTI late last month. "The census is not an essential exercise for now. Even if it is delayed by a year, there would be no harm," the official added.

India has recorded more than 50 lakh Covid cases since the outbreak began in December last year; over 90,000 were recorded in the past 24 hours.

In March, when Prime Minister Narendra Modi ordered a nationwide lockdown to halt the spread of the COVID-19 virus, the Registrar General and Census Commissioner of India were set for the first phase to begin from April 1.

However, shortly after the lockdown came into force government officials told PTI that the operations would be deferred till further notice. The operations included updating the NPR - something several opposition parties have vehemently opposed.

According to the government the NPR - last carried out in 2010 (also as part of the census) - will help create a comprehensive identity database of every "usual resident" of the country and improve delivery of benefits from the government's various welfare schemes.

However, many saw the NPR as the problematic first step towards a proposed NRC (National Register of Citizens) that the government claims will weed out illegal immigrants, but critics fear could be used to target minorities.

Several state governments, including Bihar, Andhra Pradesh and Telangana, have requested the centre not to carry out the NPR over concerns about the kind of data being collected.

With input from PTI