BofA-ML downgrades Container Corp

Bank of America Merrill Lynch has downgraded Container Corporation to 8216;underperform8217; from 8216;buy8217; with a price objective of 1,160 rupees. In a note,BofAML said that fourth quarter net profit of the company came 21 per cent below their estimate as revenue grew only 4.7 per cent. 8220;The company could not benefit from 42 per cent growth in exports and over 12 per centgrowth in port traffic owing to growing preference of international shipping lines to unpack containers at ports instead of transporting them to the hinterland via rail,8221; added the note.

At 9.40 a.m.,shares of the company were down by 0.19 per cent at Rs 1205.