Nomura upgrades rating on Container Corporation to buy; target hiked to Rs 800

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Shares of Container Corporation rose over a percent as investors bet on a ratings upgrade by Nomura.

The stock touched an intraday high of Rs 685.00 and an intraday low of Rs 674.00.

The global research firm upgraded its rating to buy from neutral, with an increased target to Rs 800 from Rs 711. This implies an upside of over 18 percent to its previous close.

Nomura observed that the margins were stabilizing, while volume outlook improved for the company.

The earnings per share (EPS) estimates for FY19 were up 2 percent due to better operating margin in Q2.

Among downside risks, it believes loss of share to roadways and delay in commissioning of dedicated freight corridor (DFC)

At 10:52 hrs Container Corporation of India was quoting at Rs 681.00, up Rs 5.35, or 0.79 percent, on the BSE.

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