Shares of Container Corp. hit a record high on Friday after it signed a memorandum of understanding with NTPC Vidyut Vyapar Nigam Ltd. to explore the possibility of setting up solar projects in its terminals.
Concor will provide the required rooftop, land or water body for setting up the projects, and purchase and use the power generated, according to an exchange filing on Thursday.
Concor will only provide the procurement, but NVVN will be responsible for the design, supply, execution and commissioning of the solar projects, it said.
Concor's stock rose as much as 2.18% during the day to 860.75 apiece on the NSE. It pared gains to trade 0.06% lower at Rs 841.85 apiece compared to a 0.35% advance in the benchmark Nifty 50 as of 11.42 a.m.
It has risen 13.82% on a year-to-date basis. The total traded volume so far in the day stood at 2.5 times its 30-day average. The relative strength index was at 86.
Thirteen out of the 26 analysts tracking Concor have a 'buy' rating on the stock, eight recommend 'hold' and five suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 9.4%.
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