Mercator gains on new delivery reports

DALAL STREET SPIKES

Shares of Mercator Lines extended their gains further to close 27.7 per cent higher at Rs 35 on media reports that the company is likely to take delivery of its new ships/rigs by March 2009. The recent rise in the Baltic Dry index has also boosted share prices of most of the shipping companies.

The Baltic index is up by 4.2 per cent from its 22-years low of 663 (December 5). The stock made an intraday high/low of Rs 38.30/Rs 27.85, with higher volumes at 67,36,449 shares (more than five times its two-week average). The scrip has galloped by 50 per cent in the last one week.