Navratna PSU Stock Hits 52-Week High After Inking MoU With NTPC Vidyut

Large cap PSU Navaratna company Container Corporation of India (CONCOR) shares hit fresh 52-week high in trade on Friday. Current market price of Container Corporation share on BSE is Rs 840.00 apiece with intraday fall of 0.23%. The PSU company issued a press release yesterday stating, "Container Corporation of India Limited (CONCOR) and NTPC VIDYUT VYAPAR NIGAM LIMITED (NVVN) have signed a Memorandum of Understanding (MoU) to explore the possibility of setting up PV Solar renewable energy projects in CONCOR terminals, on 7th December 2023."

The MoU, signed in the presence of Mr Sanjay Swarup CMD CONCOR and Ms Renu Narang CEO NVVN, signifies the commitment of both NVVN and CONCOR to reduce carbon emissions and to promote renewable power generation, contributing to a cleaner environment and aligning with global sustainability goals. This is in alignment with Govt. of India's commitment to achieve 500 GW renewable energy target by 2030, added the press release.

According to the press release, "CONCOR agrees to purchase & consume the Solar Power generated by the proposed Solar PV Project(s) on long term basis. NVVN and CONCOR shall enter into a separate Agreements for the same. CONCOR shall provide/arrange rooftop / land/ water body required for setting up the projects to NVVN on long-term lease on mutually agreed terms before signing of Power Purchase Agreement (PPA) to be executed separately, as required in this regard."

Container Corporation Stock Outlook & Return: Current market price of CONCOR share is Rs 839.85 per share on BSE with intraday fall of 0.24%. Its 52-week high price is Rs 859.75 apiece and 52-week low price is Rs 555.00 per share, respectively. Its market capitalisation is Rs 51,171.59 crore. Container Corporation shares gained 25% in past 6-months, soared 7% in last 1-year, gained 33% in last 2-years, and jumped 107% in last 3-years. In last 5-years, CONCOR stock offered return of 59%.

CONCOR Dividend: Earlier this year, board of Directors of Container Corporation also declared an interim dividend of Rs 3 per equity share of the face value of Rs 5/- each. The Interim dividend was supposed to be paid/ dispatched to the shareholders on or after 23.11.2023.

Container Corporation Quarterly Results: CONCOR reported its Q2 revenue from operations soared 10.5% year-on-year (YoY) to Rs 2,194.87 crore as against Rs 1986.34 crore declared an year ago. The company stated that this was the highest revenue from operations and highest profit after tax registered in a quarter since inception.

Container Corporation About: CONCOR is committed to providing responsive, cost effective, efficient and reliable logistics solution to its customers. It strives to be the first choice for its customers. CONCOR is a customer focused, performance driven, result oriented organization, focused on providing value for money to its customers, according to its official website.

Disclaimer:

The stock just highlights the rally in shares after new deal and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.