Shares of this Navratna CPSE stock hit its 52-week high on Friday after the company signed a Memorandum of Understanding (MoU) with NTPC Vidyut Vyapar Nigam Limited to develop Solar Projects.
With a market capitalization of Rs 51,177.68 crores, the stocks of Container Corporation of India Limited started their trading session on Friday at Rs 858.80 and currently trades at Rs 839.95.
The company’s scrip witnessed an intra-day high, also marked as the fresh 52-week high, of Rs 859.75 exhibiting a gain of approximately 2.10 percent compared to the previous close of Rs 841.90 apiece.
The company, in a recent regulatory filing with the Bombay Stock Exchange, intimated that it has signed a MoU with NTPC Vidyut Vyapar Nigam Limited NVVN) to develop PV Solar Projects in CONCOR.
Some of the key highlights of the MoU comprise NVVN designing, supplying, executing, commissioning, and O&M of the Solar PV project on an EPC basis.
Mr Sanjay Swarup, CMD of CONCOR, mentioned that this MoU is yet another step in the direction of promoting green energy in logistics sector as earlier CONCOR had procured LNG trucks for road transportation.
During the recent financial quarters, the company has successfully increased its prime business indicators such as operating revenues and net profits. The former moved up from Rs 1,922.84 crores during Q1FY23-24 to Rs 2,194.87 crores during Q2FY23-24, and, the latter, during the same period, rose from Rs 242.19 crores to Rs 362.79 crores.
According to the recent presentations as of November 2023, the total capital expenditure (capex) is expected to surpass Rs 600 crores. The company has ordered 1,000 12-feet containers for FMCG cargo. Moreover, they will be receiving 16 high-speed BLCS rakes in FY23-24.
Founded in 1988, Container Corporation of India Limited (CONCOR) is an India-based company engaged in transporting and handling shipping containers and operates logistics facilities.
Written by Amit Madnani
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