CONCOR gallops to record high as RBI allows investment upto 34% by RFPIs

New Delhi: Container Corporation of India Ltd (CONCOR) jumped 10.15% to Rs 1,639.30 at 09:56 IST on BSE after the RBI advised that Registered Foreign Portfolios Investors can now invest up to 34% of the paid up capital of the company under the Portfolio Investment Scheme.

Meanwhile, the BSE Sensex was down 380.79 points, or 1.29%, to 29,068.16

On BSE, so far 18,498 shares were traded in the counter, compared with an average volume of 13,814 shares in the past one quarter.

The stock scaled a record high of Rs 1,650 in intraday trade today, 9 March 2015. The stock hit a low of Rs 1,505 so far during the day. The stock hit a 52-week low of Rs 793 on 5 March 2014.

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

The Reserve Bank of India after market hours on Thursday, 5 March 2015 notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 34% of the paid up capital of Container Corporation of India under the Portfolio Investment Scheme (PIS). RBI further advised that the foreign shareholding by FIIs/RFPIs in Container Corporation of India has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect, the RBI said.

CONCOR’s net profit rose 20.6% to Rs 301.08 crore on 15.7% rise in total income to Rs 1537.01 crore in Q3 December 2014 over Q3 December 2013.

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 61.80% stake in CONCOR (as per the shareholding pattern as on 31 December 2014).