Foreign Deal Buzz Props Up Concor

Container Corporation of India (CCI) was the attraction of the market today, with about 7 lakh shares changing hands in a cross deal. The stock jumped 18 per cent to close at Rs 196.20, off its intra-day high of Rs 199.45. A total of about 37.06 lakh shares changed hands at the BSE and the NSE combined.

Though the identities of the buyer and the seller were not known, market players pointed fingers at a large US-based foreign institutional investor (FII) known to be holding on at the counter for the past few years. The buyer is said to have been a Singapore-based FII having roots in the US and known for its Pied Piper activity in the market, dealers said.

Container Corporation of India Ltd (Concor), is one of the major public sector logistics providers. Recently, it announced its plan to appoint logistics providers and transporters as agents for consolidating less than container load (LCL) cargo for the eastern corridor.

The company is also in the process of appointing agents for the eastern corridor connecting Chennai and Kolkata as well as the northern corridor connecting New Delhi and Chennai simultaneously with a view to cater to the demand in the northern corridor, The company has assigned its team of experts to study the market requirement for finalising the exact number of agents to be appointed for consolidating LCL cargo on behalf of Concor. It is hopeful of completing the whole process of appointing agents for the purpose once the team submits its report", sources said. Concor is expected to appoint agents for both the northern and eastern corridors within the next couple of weeks.