 "Concor shares rise 4% after company declares dividend, reports Q2 results")
Container Corporation of India (Concor) shares rose 4.2 per cent and registered an intraday high of Rs 843.55 per share on BSE. The buying in the stock sparked after the company's board declared second interim dividend.
Around 12:43 PM, Concor shares were up 4 per cent at Rs 841.15 per share. In comparison, the BSE Sensex was down 0.10 per cent at 80,289.22. The market capitalisation of the company stood at Rs 51,171.59 crore.
Concor's board on Tuesday, after market hours, declared second interim dividend of Rs 3.25 per equity share of face value of Rs 5 each amounting to Rs 198.02 crore.
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The record date for the purpose of payment is fixed as November 15, 2024.
"The board has declared second interim dividend for FY 2024-25 of 65 per cent i.e. Rs 3.25 per equity share of face value of Rs 5/- each amounting to Rs 1,98.02 crore. The record date for the purpose of payment of Interim dividend has been fixed as November 15, 2024," the filing read.
It added: The interim dividend will be paid to the shareholders on or after November 22, 2024. The payment of the dividend will be made within 30 days of its declaration.
In Q2, the state-run logistics company's consolidated profit after tax (PAT) contracted 0.53 per cent to Rs 365.4 crore for three months ending September 30, 2024, from Rs 367.36 crore a year ago.
The company's expenses also increased 4 per cent to Rs 1,890.55 crore as compared to Rs 1,818.02 crore a year ago.
However, its revenue increased 4.2 per cent to Rs 2,287.75 crore as compared to Rs 2,194.87 crore a year ago.
Cargo volume at the company's mainstay export/import (EXIM) segment increased 3.7 per cent on-year in the reported quarter, while its domestic business reported a 14 per cent growth.
Concor is a logistics and intermodal transportation company in India. Established in 1988, it primarily focuses on providing containerized cargo services, promoting the use of rail transport for container movement, and enhancing the efficiency of logistics across the country.
In the past one year, Concor shares have gained 17.3 per cent against Sensex's rise of 25 per cent.