New Delhi, Sept. 2 -- Shares of Phoenix Mills, engaged in the operation and management of malls, rose 5.3% in intraday trade on Tuesday, September 2, to reach Rs.1,597, following a double upgrade from domestic brokerage firm Motilal Oswal, which revised its rating on the stock to 'buy' and raised the target price to Rs.2,044 apiece from an earlier Rs.1,673. This indicates an upside potential of 35% from the stock's latest closing price.

The brokerage's positive outlook stems from the company's significant expansion in its office portfolio, the ramp-up of new malls, and growing momentum in the hotel segment.

It said that Phoenix Mills' retail portfolio delivered an 11% CAGR in consumption supported by 7% like-for-like growth in the exist...