Great Offshore surges on port terminal foray

DALAL STREET SPIKES

Great Offshore on Tuesday surged 7.7 per cent to close at Rs 561.55 after the company announced its foray into the port terminal and offshore logistics business by acquiring two Hyderabad-based companies for Rs 160 crore.

The all-cash transaction is expected to close within two months. The stock opened flat at Rs 523 and touched an intraday high of Rs 567. A total of 3,54,166 shares changed hands on Tuesday against a two-week average of 2,56,398 shares. The stock is up over 19 per cent in the last one week.