Concor hits a new high
Container Corporation of India or Concor soared to a new high today at Rs.1650 and continues to remain over 9% up. Volumes are at 30,000 shares traded today compared to two week average of 28,000 shares.
The action on the counter of Concor is all thanks to RBI. On Thursday, the RBI issued a notification that FIIs and Registered Foreign Portfolios Investors (RFPIs) can now invest up to 34% of the paid up capital of Concor under the Portfolio Investment Scheme (PIS).
The RBI, in its statement has said that the company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges. RBI further advised that the foreign shareholding by FIIs/RFPIs in Container Corporation of India Ltd. has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
As at 31st Dec 2014, Government of India holds 61.80% stake in Concor and FIIs currently holds 25.03% and DIIs hold 7.77% stake.