Mercator spurts on divestment of stake in Singapore unit

Mercator surged 9.41% to Rs 22.10 at 11:20 IST on BSE after the company said that its wholly owned subsidiary has received approval from the Singapore exchange for divestment of its entire stake in a step-down subsidiary.

The announcement was made after market hours yesterday, 30 March 2016.

Meanwhile, the S&P BSE Sensex was up 115.82 points or 0.46% at 25,454.40.

On BSE, so far 4.16 lakh shares were traded in the counter as against average daily volume of 2.84 lakh shares in the past one quarter. The stock hit a high of Rs 22.90 and a low of Rs 20.85 so far during the day. The stock had hit a 52-week high of Rs 31.45 on 24 December 2015. The stock had hit a 52-week low of Rs 14.55 on 3 June 2015.

The small-cap company has equity capital of Rs 24.49 crore. Face value per share is Rs 1.

Mercator said that its wholly owned subsidiary Mercator International Pte. (MIPL) has received approval from the Singapore exchange for divestment of its entire stake in the company's step-down subsidiary Mercator Lines (Singapore) (MLS).

On consolidated basis, Mercator reported net loss of Rs 319.93 crore in Q3 December 2015 compared with net profit of Rs 6.17 crore in Q3 December 2014. Net sales rose 0.9% to Rs 714.64 crore in Q3 December 2015 over Q3 December 2014.

Mercator group has business interests in coal, oil & gas, shipping and dredging.

Powered by Capital Market - Live News