1:1 Bonus Share After 19 Years Announced by This Multibagger Stock
Shares have delivered multibagger returns over the past year, with the stock price rallying about 108 per cent
The NSE benchmark Nifty50 index concluded the final trading session of July on a buoyant note, extending its winning streak for the fourth consecutive session and surpassing the 24,950 level. The broader markets displayed a mixed performance, with the Nifty Midcap index ending at a record high while the Small-Cap index closed in negative territory. As stock-specific action continues on D-Street, Phoenix Mills is a stock that investors should keep on their radar for the first trading session of August, following its announcement of a 1:1 bonus share.
Phoenix Mills operates in the management of malls, construction of commercial and residential properties, and the hotel business in India. The company has recommended a bonus issue in the ratio of 1:1, meaning shareholders will receive 1 equity share of face value Rs. 2/- each for every existing equity share of face value Rs. 2/- each held as of the record date.
In addition to the bonus share announcement, Phoenix Mills reported robust quarterly earnings. Revenue grew by 12 per cent year-on-year to Rs. 904 crore, while PAT increased by 10 per cent year-on-year to Rs. 295 crore in Q1FY25. The retail mall business showed significant growth, with a 31 per cent ncrease in rentals and a 25 per cent rise in consumption. This marks the first time the company has announced bonus shares since December 2005, when it issued bonus shares in a 4:1 ratio.
Shares of Phoenix Mills have delivered multibagger returns over the past year, with the stock price rallying about 108 per cent. In 2024 alone, the stock is up by 60 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.