Phoenix Mills ascends on getting an upgradation in its fundamental grade to 3 /5

Phoenix Mills is currently trading at Rs 194.25, up by 3.45 points or 1.81% from its previous closing of Rs 190.80 on the BSE.
The scrip opened at Rs 196.90 and has touched a high and low of Rs 197.75 and Rs 193.00 respectively. So far 4176 shares were traded on the counter.
The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 269.25 on 09-Sep-2010 and a 52 week low of Rs 160.00 on 14-Mar-2011.
Last one week high and low of the scrip stood at Rs 197.75 and Rs 183.20 respectively. The current market cap of the company is Rs 2810.73 crore.
The promoters holding in the company stood at 65.92% while Institutions and Non-Institutions held 27.44% and 6.64% respectively.
Rating agency, CRISIL Equities has upgraded Phoenix Mills CRISIL IER fundamental grade to 3/5 from 2/5. The grade indicates that the company’s fundamentals are good relative to other listed equity securities in India. The rating agency has also assigned a valuation grade of 4/5 to the company.
The rating agency has revised the company’s fundamental grade following consistently strong performance by its consumption centre High Street Phoenix (HSP) in Mumbai, encouraging pre-leasing activities in upcoming market city projects and the company`s strong balance sheet despite it being in an asset-heavy retailing business.
The assigned grade factors in strong cash flows from HSP, an established retail destination housing marquee tenants such as Zara, Diesel, Manchester United CafA, Hamleys, etc. with more than 1 million footfalls a month.
Phoenix Mills engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.