CONCOR stock rises above 1%, Rs 3.25 dividend, should buy or not

Navratna Public Sector Undertaking (PSU) under the Ministry of Railways, Government of India, Container Corporation of India Limited (CONCOR) has declared 2nd Interim Dividend for FY 2024-25 of 65% i.e. Rs.3.25 per equity share of face value of Rs.5/- each amounting to Rs.198.02 crores.

The record date for the purpose of payment of the Interim Dividend has been fixed as 15.11.2024. The Interim dividend will be paid/ dispatched to the shareholders on or after 22.11.2024. The payment of dividend will be made within 30 days of its declaration," said the PSU company in a stock exchange filing.

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For the quarter ended September 30, 2024, the state-run logistics company's consolidated profit after tax (PAT) decreased by 0.53% to Rs 365.4 crore from Rs 367.36 crore in the same period last year. In addition, the company's expenses were up 4% to Rs 1,890.55 crore in Q2FY25 from Rs 1,818.02 crore in Q2FY24. Nevertheless, compared to Rs 2,194.87 crore in the year-ago quarter, its sales climbed 4.2% to Rs 2,287.75 crore in the quarter under review.

"The RSI is currently trending upward from oversold levels, sitting at approximately 45.58, which indicates strengthening bullish momentum. A strong support zone between Rs 800 and Rs 810 has proven resilient through recent tests, showing significant buyer interest at these levels. If this buying momentum continues, the stock may target levels around Rs 900 or even higher.

This setup, characterized by trendline support, increased volume, and RSI recovery, presents a favorable bullish scenario with potential upside. Close monitoring of these indicators will be essential to confirm a trend reversal," the analyst recommended.

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