CONCOR Extends Contract with CCBL, Stock Sees Marginal Rise

15 Feb 2024 , 01:19 PM

Container Corporation of India’s (CONCOR) stock witnessed a slight rise in early trade on February 15 after the company extended its existing contract with Container Company of Bangladesh Ltd (CCBL).

As of the latest update, CONCOR’s trading price on the BSE was ₹956.95, marking a 1.77% increase. On February 13, 2024, CONCOR, under the leadership of CMD Sanjay Swarup, signed a crucial addendum to the current MoU with CCBL.

The signed addendum prolonged the duration of the ongoing agreement between CONCOR and CCBL until April 7, 2027.

The original MoU, initiated in 2017, focused on developing frameworks for operating container trains between India and Bangladesh, enhancing cross-border trade, and advancing infrastructure and logistics services.

As part of the Ministry of Railways, CONCOR has consistently facilitated the movement of container trains between India and Bangladesh, primarily through the Petrapole-Benapole route and other border routes.

In Q3FY24, CONCOR reported a notable 9.5% YoY surge in consolidated net profit, reaching ₹333.67 Crore. Its revenue also experienced a substantial YoY growth of 10.3%, amounting to ₹2,210.57 Crore.

The signing of the addendum is highlighted as a significant step in fortifying ongoing international containerized trade systems and fostering collaboration between India and Bangladesh.

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