LIC Increases Stake to Record High in This Stock: Interim Dividend Likely
Additionally, the board may consider declaring an interim dividend for the fiscal year 2024-25
It's shaping up to be a remarkable Friday for the Indian stock markets, with both the Nifty and Sensex indices trading up by nearly 1 per cent and reaching record high levels.
In this article, we highlight a significant development involving the insurance giant, Life Insurance Corporation of India (LIC). LIC has increased its stake in Container Corporation of India (CONCOR), bringing its holding to a notable 6.07 per cent by the end of the June 2024 quarter, up from 5.84 per cent in the previous quarter ended March 2024.
Container Corporation of India (CONCOR) was established in March 1988 and began operations in November 1989, initially taking over seven inland container depots (ICDs) from Indian Railways. Over the years, CONCOR has expanded its infrastructure significantly and now operates 59 terminals across the country, complemented by two strategic tie-ups. The company's core business is the inland transportation of containers from ports using rail wagons. Additionally, CONCOR manages cold storage chains and warehouses.
As of the end of June 2024, the Government of India, through the Ministry of Railways, holds a majority stake of 54.8 per cent in CONCOR.
In the fiscal year 2024, CONCOR reported its highest-ever containerized cargo movement, handling 51.67 million tons. The company also achieved a record turnover of Rs 9,010.76 crore and a profit after tax (PAT) of Rs 1,230.70 crore.
The Board of Directors of CONCOR is scheduled to meet on August 8, 2024, to consider the financial results for the quarter ended June 2024. Additionally, the board may consider declaring an interim dividend for the fiscal year 2024-25. If declared, the record date for this interim dividend will be August 17, 2024.
The stock of Container Corporation of India has appreciated by approximately 22 per cent in 2024. In July alone, the stock has seen a marginal increase of 0.54 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.