Phoenix Mills Rises As Company Acquires Gangetic Hotels

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, October 7, 2015, 10:42 [IST]

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.

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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