President of India-backed railway logistics company signs an MoU with Shipping Corporation of India Ltd – know more here!

The stock is up by 60 per cent from its 52-week low of Rs 629.45 per share.

Container Corporation of India Ltd (CONCOR) signed an MoU in Delhi with Shipping Corporation of India Ltd (SCI), in the presence of Senior Officials of CONCOR and SCI. CONCOR is a leading Logistics service provider with the largest fleet of container trains and a wide network of container terminals across the country. The Shipping Corporation of India Ltd. is today the only Indian Shipping Company operating break-bulk services, international container services, liquid/dry bulk services, offshore services and passenger services.

Both companies intend to explore business opportunities for leveraging the advantage of each other’s infrastructure and experience in synergy to offer seamless and cost-effective end-to-end logistics services to customers under a single window. On this occasion, Shri Sanjay Swarup, CMD, CONCOR stated that this MoU will enable us to utilise SCI’s shipping services to develop CONCOR’s Footprint at overseas locations and also to foray into the field of Coastal & Inland Waterways trade to offer a wide range of customisable logistics solution for the benefit of trade at large.

CONCOR and SCI have collaborated to provide integrated logistics solutions to customers and to explore the potential areas of cooperation in Multimodal Transportation covering ocean, rail, road, & inland waterways for ushering port to last-mile connectivity.

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Container Corporation of India Ltd. (CONCOR), was incorporated in March 1988 under the Companies Act and commenced operation from November 1989 taking over the existing network of 7 inland container depots from the Indian Railways. CONCOR is a market leader having a widespread network of more than 60 terminals 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 company has developed multimodal logistics support for India's international and domestic containerization and trade.

Today, shares of Container Corporation of India Ltd plunged 5.88 per cent to an intraday high of Rs 1,004.15 from its previous closing of Rs 948.35. The company’s 54.80 per cent stake is owned by the President of India and Life Insurance Corporation of India (LIC) owns a 5.84 per cent stake in the company as of March 2024.

The company has a market cap of over Rs 60,000 crore and has been maintaining a healthy dividend payout of 40.4 per cent. The stock is up by 60 per cent from its 52-week low of Rs 629.45 per share. Investors should keep an eye on this Mid-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.