Buy Phoenix Mills, target price Rs 780: ICICI Securities

ICICI Securities has given a buy rating to Phoenix Mills with a target price of Rs 780. The share price moved up by 0.26 per cent from its previous close of Rs 587.40. The stock’s last traded price is Rs 588.90.

Phoenix Mills Ltd., incorporated in the year 1905, is a Mid Cap company (having a market cap of Rs 10108.35 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.

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.