Container Corporation of India (CONCOR) shares hit a 52-week high of Rs 644.95 after rallying 10 per cent on the BSE in intra-day trade on the back of heavy volumes after the company said its board has accorded in-principle approval for exploring the possibility of borrowings an amount not exceeding Rs 3,500 crore by the company from any bank(s)/ corporate(s) and institution(s) towards executing a long term lease agreement(s) for Railway Land(s).

The stock of the state-owned company, engaged in the transport-related services business, has surpassed its previous 52-week high of Rs 644, touched on March 4, 2021. It had hit a record high of Rs 665 on October 1, 2019. CONCOR was trading 9 per cent higher at Rs 640, as compared to 0.28 per cent gain in the S&P BSE Sensex. The trading volumes on the counter jumped over three-fold with a combined 15.8 million equity shares changing hands on the NSE and BSE.

 For the January-March quarter (Q4FY21), the company reported a healthy 24 per cent year-on-year (YoY) growth in standalone revenues at Rs 1,939 crore, led by volume growth of 13 per cent (1.06 million Twenty-Foot equivalent units or TeUs). The company, however, reported a contraction in margins (down 2050 basis points (bps)) to 9.7 per cent, led by higher payment of Land License Fee (LLF) charges (6 per cent on the value of land) by CONCOR.

Stock Covered in the news

Container Corporation of India (CONCOR)-View Detailed Analysis