Navratna CPSE Container Corp Declares 40% Dividend, PAT Dips 17% In Q1: Buy, Sell Or Hold?

Container Corporation of India Ltd is a large-cap logistic company holding a Navratna CPSE status from Govt of India. The company has declared its Q1 results along with a 40% interim dividend for FY24.

Container Corporation of India Dividend

"The Board has declared an Interim Dividend for FY 2023-24 of 40% i.e. Rs.2.00 per equity share of face value of Rs.5/- each amounting to Rs.121.86 crores. The record date for the purpose of payment of Interim Dividend, as intimated earlier will be 19.08.2023. The Interim dividend will be paid/ dispatched to the shareholders on or after 25.08.2023. The payment of dividend will be made within 30 days of its declaration," said Container Corporation of India in a stock exchange filing.

Container Corporation of India has announced an equity dividend of 240.00% at a face value of Rs 5, or Rs 12 per share, for the financial year ended March 2023. This generates a dividend yield of 1.77% at the current share price of Rs 677. The business has a solid track record of dividend declarations during the past five years. Container Corporation of India Ltd. has issued 45 dividends since August 16, 2000, according to Trendlyne statistics.

Container Corporation of India Financials

For the first quarter of the fiscal year 2024 which ended on June 30th, the firm recorded a net profit that was down more than 17% from the same time a year prior, coming in at Rs 246 crore as opposed to Rs 297 crore. While total expenses climbed 1% to Rs 1,685 crore, revenue from operations decreased 3.6% to Rs 1,922 crore. The firm said that the domestic and export-import (EXIM) divisions fell by 5.3% and 0.3%, respectively. EBITDA was Rs 392 crore, which stands for earnings before interest, taxes, depreciation, and amortization.

Container Corporation of India Share Price Target

On Friday, the shares of Container Corporation of India ended on the BSE at Rs 677.35 apiece down by 2.75% from the previous close of Rs 696.50. The stock made a 52-week-high of Rs 828.50 on (09/11/2022) and a 52-week-low of Rs 555.00 on (29/03/2023).
Commenting on the stock price outlook of Container Corporation of India, Om Mehra, Equity Technical Analyst · Choice Equity Broking said, "CONCOR has a strong support at 663 levels which is also 200 Day EMA levels. Currently, the stock is trading around 680 levels above 200 and 50 Day EMA. Also, the stock is trading in an upward-slopping channel and has bounced from the lower side of the channel indicating strength near lower levels. The stock has a smaller resistance on the charts at 688.50 levels which is also close to 20 Day EMA levels."

"The stock is trading above 50 and 200 Day EMA levels. Once the stock overcomes the previously mentioned resistance level of 20 Day EMA, it will be able to move closer to the next resistance of 715. The RSI is trading comfortably at 47 levels. Based on the above technical analysis Investors for medium to longer term can hold CONCOR with a strict SL of 660 below the support of 663 levels," said Om Mehra.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.