Rs.2.50/Dividend: Buy The Shares of Navratna PSU Stock For The Final Payout?

Transportation and logistics are the areas of expertise for Container Corporation of India Limited (CONCOR). The Government of India's Ministry of Railways oversees Container Corporation of India Limited (CONCOR), a Navratna public sector undertaking (PSU). Navratna Central Public Sector Enterprise (CPSE) Container Corporation of India (CONCOR) is the largest multimodal logistics entity in India.

Container Corporation of India Dividend

"The Board has declared a Final Dividend of Rs.2.50/- (50%) per equity share of face value of Rs.5/ each for the year 2023-24 which is subject to approval of the shareholders in the ensuing Annual General Meeting. The above Final Dividend is in addition to Interim Dividend @40% (i.e. Rs.2/- per share of Rs.5/- each), 2nd Interim Dividend @60% (i.e. Rs.3/- per share of Rs.5/- each) and 3n1 Interim Dividend @80% (i.e. Rs.4/- per share of Rs.5/- each) already paid during the year," said the PSU company in a regulatory filing.

Container Corporation of India Financials

In a regulatory filing, Container Corporation of India Ltd. (Concor) reported a 9.88% growth in consolidated net profit to Rs 301.25 crore for the March 2024 quarter, up from Rs 274.14 crore in the same period the previous year. Consolidated revenue from operations for the quarter under review was Rs 2,417.87 crore, up from Rs 2,281.75 Cr in the year-ago quarter. CONCOR announced EBIDTA of Rs 591 crore, an increase of 8.5 per cent from Q4FY23. EBITDA margin increased 50 basis points from 24.9 per cent in Q4 FY23 to 25.4 per cent in Q4 FY24. The firm reported a 5.93% increase in net sales to Rs 8,653.41 crore in FY24 over FY23, leading to a 7.38% growth in consolidated net profit to Rs 1,260.59 crore for the entire year.

Container Corporation of India Share Price Target

Deven Mehata - Equity Research Analyst at Choice Broking said, "CONCOR is currently trading at 1075, showcasing a strong breakout from a rounding bottom pattern on the daily chart. This breakout, supported by substantial volumes, signifies robust strength in the stock. Trading above its short-term (20-day), medium-term (50-day), and long-term (200-day) EMA levels further confirms its bullish momentum. The stock has strong support at 1020, aligning with its 20-day EMA levels. This level provides a crucial safety net for investors. Additionally, CONCOR has surpassed its previous all-time high and established a new one, reinforcing its upward trajectory."

"On the upside, the stock exhibits the potential to advance towards a target price of 1125 in the near term. This target reflects the continued bullish sentiment and the momentum gathered from the breakout pattern. Investors holding positions from lower levels should consider trailing their stop loss to 1020 to safeguard gains while allowing for further upside. For new investors, any dips towards the support level could offer a strategic entry point, ensuring a favourable risk-reward scenario," Deven Mehata added.

"In summary, CONCOR's recent technical breakout, supported by significant volume and trading above key EMA levels, indicates strong bullish potential. With robust support at 1020, the stock is well-positioned for a move towards 1125, making it an attractive prospect for both current holders and new investors," the analyst further recommended.

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.