Container Corporation of India gains on getting new CMD
Introduction:
Container Corporation of India benefits from the appointment of a new CEO. Container Corporation of India has returned 12.09 percent over the last six months, compared to 10.33 percent for the Nifty during the same period. Concor has announced the appointment of Sanjay Swarup as its new Chairman and Managing Director.
Container Corporation of India (Concor) stock rose over 2% in early trading on September 1 following the appointment of a new chairman and managing director.The government named Sanjay Swarup as the company’s chairman and managing director on August 31, according to the public sector undertaking.
Director of International marketing
Swarup, who was previously the director of international marketing and operations at Container Corporation, adds a plethora of knowledge to his new position. With this promotion, he will be in charge of the company’s overall operations and management.
Concor is critical in facilitating domestic and international trade and logistics. Swarup’s appointment is viewed as a strategic move to bolster the company’s operations and position in the industry.
Brokerage Opinions Goldman Sachs upgraded Container Corp of India to “buy” from “neutral” and boosted the target price to Rs 720 per share, a 5% increase over the current market price. The upgrading comes despite the fact that the stock has dropped 25% since its peak in November.
Concor’s position
Concor’s position as the principal beneficiary of rail containerization is cited by the brokerage business, a trend that is likely to gain traction when the dedicated freight corridor (DFC) connects to western coast ports by mid-2023 and to Jawaharlal Nehru Port Trust (JNPT) in Navi Mumbai 18 months later.
Despite its lower-than-expected predictions, Concor maintains a 70 percent market share in India’s rail logistics business. Concor expects to have a 15.5 percent earnings CAGR (FY23-FY25) with strong cash generation, according to the brokerage firm.
Benchmark Nifty
Concor has returned 12.09 percent over the previous six months, compared to 10.33 percent for the benchmark Nifty.
Container Corporation trading at Rs 680.65 on National Stock Exchange at 10:40 a.m., up 1.14 % from the previous close.
The post Container Corporation of India appeared first on ASWGROUPINDIA.
