Shares in Phoenix Mills rose after the company said that it had acquired a 19.38 percent equity stake in Gangetic Hotels.

The stock was last trading at Rs 333 on the Bombay Stock Exchange, and was up nearly 2 per cent in trade.

Analysts believe that a drop in interest rates could benefit the sector. The real estate sector has been seeing some pressure recently as volumes continue to drop. A steep escalation in prices over the last few years, has dissuaded home buyers.

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