FII Backed Large Cap Realty Stock Sets Record Date For 250% Final Dividend: Buy?

The Phoenix Mills is a large-cap company dealing in the realty sector. The company has finalized record date for 250% final dividend which market watchers can take note of.

The Phoenix Mills Dividend

The Board of Directors of the company have recommended a final dividend of Rs. 5/- per Equity Share of face value of Rs. 2/- each (250%) for the financial year ended March 31, 2023. The dividend, payout is subject to the Member's approval at the ensuing Annual General Meeting of the Company.

"The Register of Members and Share Transfer Book of the Company will remain closed from Saturday, September 16, 2023 to Friday, September 22, 2023 (both days inclusive) for the purpose of 118th AGM of the Company and payment of dividend, if declared by the Shareholders at the ensuing AGM for the Financial Year 2022-23. Final Dividend for the Financial Year ended March 31, 2023 as recommended by the Board of Directors, if declared by the Shareholders at the AGM, shall be paid after September 22, 2023, subject to deduction of tax at source, if applicable, to those Shareholders: (a) whose names appear as Beneficial Owners as at the end of the business hours on Friday, September 15, 2023 in the list of Beneficial Owners to be furnished by National Securities Depository Limited and Central Depository Services (India) Limited in respect of the shares held in electronic form; and (b) whose names appear as Members in the Register of Members of the Company as at the end of the business hours on Friday, September 15, 2023, after giving effect to valid request(s), if any, received for transmission/ transposition of shares, said The Phoenix Mills in a stock exchange filing.

The Phoenix Mills Financials

The firm reported a net income of Rs. 839.59 crore in Q1FY24, up 40.44% YoY from Rs. 597.84 crore in Q1FY23. Its net profit was Rs 240.50 Cr in the June 2023 quarter, down from Rs 718.69 Cr in the June 2022 quarter by 66.54% YoY. As opposed to Rs. 40.23 for the period ended June 30, 2022, the company has recorded EPS of Rs.13.45 for the period ended June 30, 2023.

The Phoenix Mills Shareholding

In Q1FY24, the company recorded promoters shareholding of 47.29%, FIIs stake of 28.56%, DIIs stake of 19.93% and public stake of 4.22%. Schroder International Selection Fund Emerging Asia held 4,442,012 shares or 2.49% stake, Baillie Gifford Pacific Fund A Sub Fund Of Baillie Gifford Overseas Growth Funds Icvc held 2,904,572 shares which is 1.63% total paid-up capital of the company, Kuwait Investment Authority Fund 225 held 2,252,770 shares or 1.26% stake, Polar Capital Funds Plc - Emerging Market Stars Fund held 2,216,459 shares or 1.24% and Nomura India Investment Fund Mother Fund held 2,090,915 shares or 1.17% stake in the company, are the top FII shareholding of The Phoenix Mills in the June 2023 quarter.

Phoenix Mills Share Price Target

According to Deven Mehata, Equity Research Analyst of Choice Broking PHOENIXLTD is currently exhibiting a promising trading scenario with its stock price at 1759 levels. The stock's price movement follows a well-defined Rising Channel pattern. This pattern signifies a sustained buying interest as evidenced by the on-going sequence of higher highs and higher lows. On the daily charts, the Relative Strength Index (RSI) holds steady at around 61 levels, indicating considerable strength and potential upward momentum.

The stock's favourable position is further reinforced by its trading above essential moving averages, reflecting its robust performance. Notably, a substantial support level is observed near 1730, coinciding closely with the 20-day Exponential Moving Average (EMA). This convergence adds weight to the support level's significance, potentially cushioning any downward corrections.

For investors currently holding the stock, a recommended strategy is to employ trailing stop loss techniques. This approach allows investors to secure profits while also benefitting from potential further gains, particularly considering the stock's strong performance within the Rising Channel pattern and its alignment with multiple positive technical indicators. In conclusion, the analysis suggests a bullish sentiment for PHOENIXLTD.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.