Container Corporation of India (CONCOR) added nearly 3 percent intraday on October 15 after HSBC upgraded the stock to buy from reduce and raised the target price to Rs 675 from Rs 337 per share.
According to HSBC, potential privatisation is gathering momentum, while the development is surprising and calculation is positive.
Citi also maintained a buy rating, with a target at Rs 621 per share.
The economic slowdown may impact the near-term volume growth and the financial results, Citi said. It, however, reiterated buy call in view of CONCOR’s potential to benefit from DFC commissioning.
The company has a large market share and net cash balance sheet, it added.
The company’s board will meet on October 30 to consider and approve unaudited financial results for the September quarter.
At 09:52 hours, Container Corporation of India was quoting at Rs 588.25, up Rs 8.75, or 1.51 percent.
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