Phoenix Mills shares fall 2.5% after subsidiaries served GST notices

Phoenix Mills share price slipped 2.9 percent to an intraday low of Rs 1,796.45 on NSE

Shares of The Phoenix Mills Ltd slipped nearly 3 percent on September 29 after subsidiaries of the real estate firm received a showcause-cum-demand notices dated September 27 from GST authorities. The company in a regulatory filing said that it intends to contest the matter at an appropriate forum.

"Phoenix Mills subsidiaries Vamona Developers Pvt Ltd, Offbeat Developers Pvt Ltd, Market City Resources Pvt Ltd, Pallazzio Hotels & Leisure received showcause-cum-demand notices for payment of tax liability in relation to discrepancies alleged by the GST authorities during the course of their investigation in May 2023,” said Phoenix Mills in a communication to BSE.

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The authorities have advised the subsidiaries of the company to pay the amount of tax as determined, along with the applicable interest and penalty for the tax period from July 2017 to March 2018. “The company intends to contest the matter at an appropriate forum,” the real estate firm said.

Phoenix Mills Technicals

Phoenix Mills share price slipped 2.9 percent to an intraday low of Rs 1,796.45 on NSE. The real estate stock has gained around 27 percent so far in 2023 and has rallied 36 percent in the past year. Technicals show that the relative strength index (RSI) of Phoenix Mills stands at 57.8, implying that it's trading neither in the overbought nor in the oversold territory.

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The 1-year Beta of Phoenix Mills stands at 0.55, implying very low volatility. Shares of Phoenix Mills are trading higher than the 50-day, 100-day and 200-day moving averages but lower than the 5-day, 10-day, and 20-day moving averages. Phoenix Mills has a price-to-earnings ratio of 37.7, lower than its sector PE ratio of 101.7, according to Trendlyne data.

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