Concor shares suffer 5% dent after Kotak downgrades stock to ‘sell’

Kotak Institutional Equities has downgraded its rating on shares of Concor to ‘sell’ from ‘reduce’. Even as the brokerage firm has kept the target price unchanged at Rs 610, it implies a further downside from today’s low of Rs 631.05.

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Shares of Container Corporation of India (Concor) slumped 5 percent on June 20 after Kotak Institutional Equities downgraded the stock to ‘sell’ from ‘reduce’.

Even as the brokerage firm has kept the target price unchanged at Rs 610, it implies a further downside from today’s low of Rs 631.05.

At 10:38am, shares of the company were trading 4.4 percent lower at Rs 631.45 on the BSE.

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“Our assessment of Concor’s pricing suggests weakness in margin and a change in pricing strategy after a period of four years,” the brokerage firm said.

Its assessment of pricing data from industry sources suggested that Concor taking a price cut of 8-9 percent in exports of the 20-MT-plus weight category across its key ports from May 1. It explained that this marks the first instance of a meaningful pricing cut by the company in the past five years. This is in the light of Concor raising its pricing materially in FY18-20 and maintaining such healthy pricing levels since then.

The pricing cut is targeted on exports where growth is low, and in the Mundra and Pipavav ports where Concor has lost meaningful market share, the brokerage firm highlighted. “Such a move is reducing the premium Concor charges to the key competitor in GRFL (Gateway Rail Freight Limited-subsidiary of Gateway Distriparks), which maintained its pricing,” said the brokerage firm.

Read | Exclusive: Concor strategic sale at ‘status quo’ as railways raises concerns: Official

A change in CMD from October 2023 also creates scope for accelerating price cuts, it said. Talking about further price cuts, Kotak Institutional Equities said, “This would be a key imponderable for us.”

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