CONCOR shares gain on deal with Container Company of Bangladesh

The consolidated net profit of company jumped 9.5 percent on-year to Rs 333.67 crore in the third quarter of the fiscal year 2023-24 (Q3FY24).

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The share price of Container Corporation of India (CONCOR) edged up marginally in early trade on February 15 after the company made an addition to the existing contract with Container Company of Bangladesh Ltd (CCBL).

At 9:21am, CONCOR was quoting Rs 942.85, up Rs 2.95, or 0.31 percent, on the BSE.

“Under the leadership of the company’s CMD, Sri Sanjay Swarup, CONCOR signed an important addendum to the existing memorandum of understanding (MoU) on February 13, 2024 with Container Company of Bangladesh Ltd (CCBL), Bangladesh,” the company said in its release.

The addendum signed enabled extension of the existing agreement till April 7, 2027.

The said MoU was earlier executed between CONCOR, India and CCBL, Bangladesh in 2017 for developing modalities for running container trains between India and Bangladesh to facilitate cross-border trade besides developing various infrastructure, logistics business and projects-related services.

The company under the Ministry of Railways has since been executing movements of container trains between India and Bangladesh through Petrapole-Benapole, and other border routes on regular basis.

Signing of the addendum to the contract has further strengthened the ongoing international containerised trade systems and understandings between both the neighbouring countries, the company added.

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Consolidated net profit of the company jumped 9.5 percent on-year to Rs 333.67 crore in the third quarter of the fiscal year 2023-24 (Q3FY24). Its revenue rose 10.3 percent year-on-year (YoY) to Rs 2,210.57 crore.