In respect of SEIS claim of CONCOR, it is in receipt of a letter from the office of Directorate General of Foreign Trade (DGFT) wherein they have intimated DGFT's central licensing area office (with a copy marked to CONCOR) that services towards customs transit of foreign liners sealed containers by rail transport placed under customs control to/from ICDs are not eligible for SEIS. In the said letter, it has also been stated that CONCOR's SEIS claim may be processed accordingly and ineligible categories may be removed from the claim.
CONCOR's total claim for the year 2015-16 to 2018-19 for SEIS was Rs .1044 crores and in view of the above information from the office of DGFT and as per Company's estimate for same, the amount of SEIS benefit on rail transportation element which DGFT is claiming as not eligible is likely to be around Rs.861 crores, this is subject to further verification by DGFT's central licensing area office.
In view of above, the Company is taking appropriate action of contesting the above decision of DGFT in line with the legal advice.
Shares of CONTAINER CORPORATION OF INDIA LTD. was last trading in BSE at Rs.614.65 as compared to the previous close of Rs. 631.75. The total number of shares traded during the day was 81617 in over 3350 trades.
The stock hit an intraday high of Rs. 636.9 and intraday low of 612. The net turnover during the day was Rs. 50649927.