As strong financials helped the stock reach new heights, promoter Atul Ruia has pared his stake. The Ruia family, including Atul Ruia Family Trust, has sold 3.59% for Rs 3.74 billion on September 27, making it the promoters’ first disposal over the past five years. Promoter stake had remained unchanged at 62.75% between December 2018 and June 2019.
The positive sentiment is echoed by analysts, who remain upbeat about the company’s prospects. Besides its residential business, Phoenix Mills’ core portfolio comprising retail malls, commercial and hospitality properties is showing signs of steady growth. In Q1FY20, the core portfolio registered revenue of Rs.4.07 billion, in-line with analyst estimates.