CONCOR spurts on plan to merge subsidiaries with itself

Container Corporation of India (CONCOR) jumped 4.02% to Rs 432 after the company said it is exploring the possibility of merging its subsidiaries with itself.

In a regulatory filing issued after market hours yesterday, the company said that it is exploring the possibility of merging CONCOR AIR (CAL), SIDCUL CONCOR Infra Company (SCICL) and Punjab Logistics Infrastructure (PUL) with itself.

An e-tender is being floated for engagement of external management consultant for facilitating proposed merger with CONCOR of its subsidiary companies.

CONCOR is engaged in transportation of containers (rail and road), and handling of containers. The firm is also engaged in the operation of logistics facilities, including dry ports, container freight stations and private freight terminals.

The company reported a consolidated net profit of Rs 184.62 crore in Q2 FY21 compared with a net loss of Rs 331.95 crore in Q2 FY20. Net sales during the quarter declined by 14% YoY to Rs 1509.30 crore.