Rs.3.25 Dividend: Will Be Paid By 22nd Nov, Record Date 15th Nov; BUY Navratna PSU Stock?

A Navratna Public Sector Undertaking (PSU) under the Ministry of Railways, Government of India, is Container Corporation of India Limited (CONCOR). Transportation and logistical services are provided by the company.

CONCOR Dividend

"The Board has declared 2nd Interim Dividend for FY 2024-25 of 65% i.e. Rs.3.25 per equity share of face value of Rs.5/- each amounting to Rs.198.02 crores. The record date for the purpose of payment of Interim Dividend has been fixed as 15.11.2024. The Interim dividend will be paid/ dispatched to the shareholders on or after 22.11.2024. The payment of dividend will be made within 30 days of its declaration," said the PSU company in a stock exchange filing.

CONCOR Financials

For the quarter ended September 30, 2024, the state-run logistics company's consolidated profit after tax (PAT) decreased by 0.53% to Rs 365.4 crore from Rs 367.36 crore in the same period last year. In addition, the company's expenses were up 4% to Rs 1,890.55 crore in Q2FY25 from Rs 1,818.02 crore in Q2FY24. Nevertheless, compared to Rs 2,194.87 crore in the year-ago quarter, its sales climbed 4.2% to Rs 2,287.75 crore in the quarter under review.

CONCOR Share Price Target

Hardik Matalia - Derivatives Analyst at Choice Broking said, "CONCOR is currently trading at Rs 846.30 on the daily chart and is approaching a potential breakout above a descending trend line. An initial breakout above the immediate hurdle at Rs 853, followed by a move beyond Rs 875, could signal a bullish reversal, especially as the price has recently rebounded from key support zones. This bullish outlook would be further reinforced by a noticeable increase in trading volume, indicating renewed buying interest. Sustaining above the trend line and maintaining the critical support level around Rs 800 would solidify a positive outlook."

"The RSI, currently trending upward from oversold levels and sitting at approximately 45.58, suggests strengthening bullish momentum. A strong support zone between Rs 800-810 has held firm through recent tests, demonstrating buyer interest at these levels. If buying momentum continues, the stock could target levels around Rs 900 or higher. This setup, marked by trendline support, increased volume, and RSI recovery, suggests a favourable bullish scenario with potential upside. Close monitoring of these indicators will be essential to confirm a trend reversal," the analyst recommended.

Disclaimer

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