Concor gains as government to pare stake

Container Corporation of India rose 1.27% to Rs 1,418.40 at 14:35 IST on BSE as the government is planning to sell a 5% stake in the company.

Meanwhile, the BSE Sensex was down 192.64 points, or 0.74%, to 25,928.76.

On BSE, so far 6,355 shares were traded in the counter, compared with an average volume of 17,183 shares in the past one quarter.

The stock hit a high of Rs 1,432.50 and a low of Rs 1,410 so far during the day. The stock hit a record high of Rs 1,944 on 1 June 2015. The stock hit a 52-week low of Rs 1,204.40 on 17 December 2014.

The stock had underperformed the market over the past one month till 9 November 2015, sliding 8.98% compared with 3.54% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 13.85% as against Sensex's 7.49% decline.

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

The government is planning to sell a 5% stake, or 97.48 lakh equity shares, in state-run Container Corporation of India, a notice seeking interest from investment banks to manage the sale showed.

The government, which owns 61.80% of Container Corporation of India, will sell the stake through a stock market auction, the notice said.

Investment banks need to submit their interest by 2 December 2015, the notice, posted on the website of the divestment department of the government, showed today, 10 November 2015.

Container Corporation of India (Concor)'s net profit rose 21.4% to Rs 232.91 crore on 10.9% growth in net sales to Rs 1501.94 crore in Q2 September 2015 over Q2 September 2014.

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 61.79% stake in Concor (as per the shareholding pattern as on 30 September 2015).

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