Shares of this Navratna stock under the ‘mid-cap’ category traded in the green on Tuesday after the company signed a Memorandum of Understanding (MoU) with Indraprastha Gas Limited (IGL) to propel Sustainable Transportation using LNG Trucks.
With a market capitalization of Rs 45,858.54 crores, the stocks of Container Corporation of India Limited opened their trading hour on Tuesday at Rs 753 and currently trades at Rs 752.65, trading flat as compared to the previous closing levels of Rs 751 apiece.
In a recent regulatory filing with the Bombay Stock Exchange (BSE), the company intimated that it has signed a MoU with IGL to explore the possibility of setting up LNG/LCNG infrastructure within the premise of CONCOR terminals.
The strategic partnership aims to bring a revolution in the logistics sector replacing diesel with natural gas. LNG trucks emit significantly lower levels of greenhouse gas emissions compared to conventional diesel trucks thereby contributing to a cleaner environment and aligning with the sustainability goals.
“The partnership with IGL for LNG trucks refueling is a testament to our commitment to a greener future.”, commented Mr. Sanjay Swarup, Chairman & Managing Director of CONCOR.
During the latest quarter, the company reported an increase in operating revenues from Rs 1,922.84 crores during Q1FY23-24 to Rs 2,194.87 crores during Q2FY23-24. Moreover, the company’s bottom-line numbers saw a decent increase from Rs 242.19 crores to Rs 362.79 crores.
Coming onto the profitability metrics, the return on equity (RoE) rose marginally from 10.06 percent during FY21-22 to 10.68 percent during FY22-23. Moreover, the return on capital employed (RoCE) moved up from 13.84 percent to 14.73 percent keeping the timeframe the same.
As per the latest shareholding for the quarter ended September 2023, the company’s Promoters hold a 54.8 percent stake, and the Foreign Institutional Investors (FIIs) hold a considerable stake of 20.69 percent in the company.
Container Corporation of India Limited (Cocor) is a logistics & transport company based in India that transports and handles shipping containers and operates logistics facilities including dry ports and warehousing. Domiciled in India, the company derives a majority of its revenue from domestic operations.
Written by Amit Madnani