The Phoenix Mills edges higher on plan to issue commercial papers

The Phoenix Mills gained 1.53% to Rs 557.85 at 11:00 IST on BSE after the company's finance and investment committee of the board approved the issuance of commercial papers totaling Rs 200 crore, in one or more tranches.

The announcement was made after market hours yesterday, 6 December 2017.

Meanwhile, the S&P BSE Sensex was up 258.91 points, or 0.79%, to 32,856.09. The S&P BSE Mid-Cap index was up 180.74 points, or 1.08%, to 16,843.62, outperforming the Sensex.

On the BSE, 282 shares were traded in the counter so far, compared with average daily volumes of 7,310 shares in the past one quarter. The stock had hit a high of Rs 562.05 and a low of Rs 557.05 so far during the day. The stock had hit a record high of Rs 597.95 on 16 October 2017. The stock had hit a 52-week low of Rs 337.55 on 6 February 2017.

The stock had outperformed the market over the past one month till 6 December 2017, rising 4.94% compared with 3.36% drop in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 10.68% as against Sensex's 2.95% rise. The scrip had also outperformed the market in past year, advancing 48.56% as against Sensex's 23.51% rise.

The mid-cap company has equity capital of Rs 30.62 crore. Face value per share is Rs 2.

The Phoenix Mills announced that the finance and investment committee of the board of directors of the company approved the issuance of commercial papers for an aggregate amount of upto Rs 200 crore, in one or more tranches.

The Phoenix Mills' net profit fell 33.9% to Rs 29.99 crore on 24.5% drop in net sales to Rs 370.62 crore in Q2 September 2017 over Q2 September 2016.

The Phoenix Mills focuses on real estate development and entertainment.

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