The Hindu Business Line : Concor gains on FII picking

The stock price of the public sector gained 14.27 per cent at Rs 602.35 on the BSE with volume of 2.70 lakh shares, and on the NSE, it closed at Rs 614.70, up 14.13 per cent, with volume of 7.15 lakh shares. Out of the total shares traded on the BSE 77.69 per cent were for delivery; on the NSE, the delivery ratio was 70.88 per cent.Brokers said a leading European foreign broking firm was actively buying the shares. They said this firm was acting on behalf of new FIIs clients in today's trading.

In the last year, there has been active buying from FIIs in Concor. "It is a major player in the container business and growth of the company is also good. This has brought lot of FIIs interest in the stock despite it being a government owned company," said a dealer with a foreign broking firm.

He said the company has been growing at the compound average growth rate of 25 per cent in the last few years and this growth is likely to be sustained this fiscal.

For the financial year ended March 2004, the net profit was at Rs 345 crore compared to Rs 272.85 crore in 2003, a growth of 26.44 per cent. Sales increased from Rs 1533.8 crore in March 2003 to Rs 1788.74 crore in March 2004, (16.62 per cent).

An analyst with a domestic broking firm said, "the stock of Concor trades at 10 times its 2004-05 earnings and is attractively priced at current levels."

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