Phoenix Mills Rises As Company Acquires Gangetic Hotels

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Shares in Phoenix Mills rose after the company said that it had acquired a 19.38 percent equity stake in Gangetic Hotels.

The stock was last trading at Rs 333 on the Bombay Stock Exchange, and was up nearly 2 per cent in trade.

Phoenix Mills Rises As Company Acquires Gangetic Hotels
Real estate stocks have seen some traction following the RBI's decision to cut interest rates by 0.50 per cent.

Analysts believe that a drop in interest rates could benefit the sector. The real estate sector has been seeing some pressure recently as volumes continue to drop. A steep escalation in prices over the last few years, has dissuaded home buyers.

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