Introduction:
Shares of Phoenix Mills experienced a brilliant boom of up to five.6% these days, buoyed via the organization’s declaration regarding its bonus issue. The inventory’s ascent follows Phoenix Mills’ announcement of September 21 as the record date for its bonus share problem, pending approval on the Annual General Meeting (AGM) on September thirteen.
Bonus Share Details:
Phoenix Mills plans to issue one bonus share for every existing share held. This move marks the company’s first bonus issue in nearly two decades. The previous bonus share issuance occurred in December 2005, when Phoenix Mills distributed four free shares for each held. The face value of the company’s shares stands at Rs 2 each.
Dividend History:
In addition to its bonus shares, Phoenix Mills has consistently delivered annual dividends ranging from Rs 1 to Rs 5 per share. The most recent dividend of Rs 5 was paid for FY24, reflecting the company’s commitment to shareholder returns.
Market Performance:
As of 11:34 am today, Phoenix Mills’ shares were trading at Rs 3,648.75 on the National Stock Exchange (NSE), showing a gain of over 1% from the previous close. The stock has surged 62% year-to-date, significantly outperforming the Nifty index, which has risen by 15% in the same period. Over the past 12 months, Phoenix Mills’ shares have more than doubled, climbing 102%, while the Nifty has increased by 28%.
Investor Insights:
According to data from June 30, Phoenix Mills’ promoters held 47% of the company’s stake, Indian Mutual Funds held 12.3%, and Foreign Portfolio Investors owned 35.4%. Retail shareholders with authorized capital of less than Rs 2 lakh owned about 2% of the company’s shares.
Morgan Stanley recently issued an overweight call on Phoenix Mills, setting a target price of Rs 3,400 per share. Despite slower-than-expected consumption growth in Q1FY25, the brokerage highlighted promising signs in the company’s performance.
Conclusion:
The robust performance of Phoenix Mills reflects its resilience and growth potential in the retail sector. Investors should remain attentive to further updates and potential shareholder approvals at the upcoming AGM
Frequently Asked Questions FAQ:
1. What is the bonus issue announced by Phoenix Mills?
- Phoenix Mills has announced a bonus issue of one bonus share for every existing share held. This bonus issue is the company’s first in nearly 20 years.
2. What is the record date for the bonus issue?
- The record date for the bonus issue has been set for September 21, 2024. This date will determine which shareholders are eligible to receive the bonus shares.
3. When will the shareholders vote on the bonus issue?
- Shareholders will vote on the bonus issue at the Annual General Meeting (AGM) scheduled for September 13, 2024. Approval from shareholders is required before the bonus shares can be issued.
4. How have Phoenix Mills’ shares performed recently?
- As of September 6, 2024, Phoenix Mills’ shares have risen by up to 5.6% following the bonus issue announcement. The stock has gained 62% year-to-date and 102% over the past 12 months, significantly outperforming the Nifty index.
5. What is the face value of Phoenix Mills’ shares?
- The face value of Phoenix Mills’ shares is Rs 2 each.
6. What is Phoenix Mills’ dividend history?
- Phoenix Mills has a track record of paying annual dividends ranging from Rs 1 to Rs 5 per share. The most recent dividend of Rs 5 was paid for the fiscal year 2024.
7. How is Phoenix Mills performing compared to market indices?
- Phoenix Mills has outperformed the Nifty index, which has risen by 15% year-to-date, while Phoenix Mills’ shares have surged 62% in the same period. Over the past 12 months, the company’s shares have more than doubled, compared to a 28% rise in the Nifty.
8. Who are the major shareholders of Phoenix Mills?
- As of June 30, 2024, Phoenix Mills’ major shareholders include:
- Promoters: 47%
- Indian Mutual Funds: 12.3%
- Foreign Portfolio Investors: 35.4%
- Retail shareholders with authorized share capital of less than Rs 2 lakh: approximately 2%
9. What is Morgan Stanley’s view on Phoenix Mills?
- Morgan Stanley has issued an overweight call on Phoenix Mills with a target price of Rs 3,400 per share. Despite a slower-than-expected consumption growth in Q1FY25, the brokerage sees promising signs in the company’s performance.
10. Where can I find more information and updates about Phoenix Mills?
- For the latest updates and market analysis, you can follow our market blog and stay tuned to financial news platforms.
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