During Tuesday’s trading session, the shares of a company engaged in the business of providing inland transportation of containers surged 0.8 percent to Rs. 954.95 on BSE, after Life Insurance Corporation of India (LIC) increased its stake in the company to 7.78 percent.
With a market capitalisation of Rs. 57,094 crores, the shares of Container Corporation of India Limited (CONCOR) opened in the green at Rs. 954.95, as against its previous closing price of Rs. 947.8.
What’s the News:
The Life Insurance Corporation of India (LIC) has notified the stock exchanges of a recent increase in its stake in Container Corporation of India Ltd.
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LIC increased its shareholding in equity shares of CONCOR from 3.51 crore shares to 4.74 crore shares, at an average cost of Rs. 942.54 per share through an open market purchase.
The holding increased from 5.773 percent to 7.781 percent of the paid-up capital of the company, reflecting a net increase of 2.008 percent in its holding, during the period from 19th September 2023 to 6th September 2024.
Financials:
The company experienced significant growth in its revenue from operations, showing a year-on-year rise of around 9.4 percent from Rs. 1,923 crores in Q1 FY24 to Rs. 2,103 crores in Q1 FY25.
Similarly, its net profit increased during the same period from Rs. 245 crores to Rs. 259 crores, representing a growth of 5.7 percent YoY.
For FY25, the company has allocated a capital expenditure (capex) budget of Rs. 610 crores. As of Q1 FY25, CONCOR has already achieved nearly Rs. 157 crores in capex, and if required, the company will revise its capex budget accordingly.
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Stock Performance
Shares of Container Corporation of India have delivered positive returns of nearly 28 percent in one year, as well as around 9.2 percent returns year-to-date.
About the Company:
Incorporated in 1988, Container Corporation of India Limited (CONCOR) is engaged in the business of providing inland transportation of containers by rail, along with the management of ports, air cargo complexes and establishing cold chains.
Written by Shivani Singh
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