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Last Updated : Oct 01, 2019 01:01 PM IST | Source: Moneycontrol.com

CONCOR jumps 10% to hit record high amid reports of Adani Group exploring bid for govt stake

The stock shot up 43 percent since September 19, especially after the buzz of privatisation and major stake sale in good companies.

 
 
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Shares of Container Corporation of India rallied 10 percent intraday to hit a record high of Rs 665.05 on October 1 after a media report indicated that Adani Group might be considering to acquire stake in the company from government.

The stock shot up 43 percent since September 19, especially after the buzz of privatisation and major stake sale in good companies.

Adani Group is exploring options to bid for government's stake in Container Corporation, reports CNBC-TV18 quoting unnamed sources.

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Adani Group has told CNBC-TV18 that, as a part of the company policy, it does not comment on market speculation.

The government, which is looking to sell 30 percent stake in CONCOR to strategic investors, owns 54.8 percent stake in company. At current market price, company is valued at Rs 21,360 crore.

Group of Secretaries' Panel, on September 30, has cleared the divestment of 30 percent stake in Container Corporation, the Navratna company under the Indian Ministry of Railways, reports Reuters.

The panel also sanctioned sale of entire government shareholding in BPCL, Shipping Corporation of India, NEEPCO and THDC, the report said.

Container Corporation was quoting at Rs 638.20, up Rs 33.60, or 5.56 percent on the BSE at 1248 hours IST while BPCL was trading 5.7 percent higher and SCI gained 5 percent.

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First Published on Oct 1, 2019 01:01 pm
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