Concor gains 12.18% in two days

Container Corporation of India gained 4.09% to Rs 1,669.65 at 11:48 IST on BSE, with the stock extending yesterday's rally triggered by the RBI allowing hike in investment in the company by Registered Foreign Portfolios Investors.

Meanwhile, the BSE Sensex was up 46.27 points, or 0.16%, to 28,891.05

On BSE, so far 30,051 shares were traded in the counter, compared with an average volume of 12,983 shares in the past one quarter.

The stock scaled a record high of Rs 1,735 in intraday trade today, 10 March 2015. The stock hit a low of Rs 1,610 so far during the day. The stock hit a 52-week low of Rs 805.60 on 14 March 2014.

The large-cap company has an equity capital of Rs 194.97 crore. Face value per share is Rs 10.

Shares of Container Corporation of India (Concor) gained 12.18% in two trading days from a recent low of Rs 1,488.25 on 5 March 2015. The stock jumped 7.78% to settle at Rs 1,604.05 yesterday, 9 March 2015. The gains were triggered by the Reserve Bank of India (RBI) after market hours on Thursday, 5 March 2015 notifying about hike in investment by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) to upto 34% of the paid up capital of Concor from the earlier 30% under the Portfolio Investment Scheme (PIS). RBI further advised that the foreign shareholding by FIIs/RFPIs in Concor has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect, the RBI said. Total FII holding in Concor stood at 25.03% as on 31 December 2014.

Concor's net profit rose 20.6% to Rs 301.08 crore on 15.7% rise in total income to Rs 1537.01 crore in Q3 December 2014 over Q3 December 2013.

Concor provides logistics solution. It has the largest network of inland container depots (ICDs)/container freight stations in India. In addition to providing inland transport by rail for containers, it has also expanded to cover management of ports, air cargo complexes and establishing cold-chain.

The Government of India (GoI) holds 61.80% stake in Concor (as per the shareholding pattern as on 31 December 2014).

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