Phoenix Mills shares rose over 2% in the early trade, a day after the real estate company stated a robust jump in retail collections during the April-June quarter.

Retail collections in Q1FY24 rose 18% on year to Rs 621.1 crore. During the same period, total consumption also grew 18% on year to Rs 2574.50 crore.

At 9:19 am, Phoenix Mills shares traded 1.1% higher from the previous close at Rs 1,585.75 on the NSE.

The company also sustained observed strong leasing traction in Q1. The sales course at the real-estate developer’s housing units also tracked good development amid robust demand and faster conversions.

Brokerage firm HDFC Securities is bullish on Phoenix Mills, citing robust traction in consumption, confined mall expansion, the addition of office space, a robust business development pipeline and lower net debt. The brokerage firm has given a “buy” call on the stock, with a price target of Rs 1,800.