Container Corporation of India down after Kotak downgrades to 'sell'

Container of India

20/06/2023 10:05

** Shares of Container Corporation of India  CCRI.NS  down
as much as 4.8% to 629.2 rupees 
    ** Stock posts its biggest intraday pct loss since Jan 25
    ** CCRI stock touches its lowest level since May 22, on
track for a second consecutive session of losses 
    ** Kotak Institutional Equities downgrades firm to "sell"
from "reduce", citing weakness in margin and change in pricing
strategy after a period of four years
    ** The export-import segment margin then at high-teens were
much lower than the current 24% levels, says the domestic
brokerage firm
    ** More than 2.3 mln shares change hands, 2.2x the 30-day
avg - Refinitiv data
    ** Fourteen analysts rate stock equivalent of "buy" or
higher, nine "hold", and four rate it as "sell" or "strong
sell"; median PT is 697.5 rupees
    

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))