Mercator hits 52-week high on acquisition of vessel

The stock has soared 13% to Rs 23.80 on back of heavy volumes on the Bombay Stock Exchange.

Mercator has soared to 13% to Rs 23.80, also its 52-week high on the BSE, after the company said it has acquired one 1992 built very large gas carrier (VLGC). The company did not disclose the price at which it was bought.

According to media report, the company has purchased the ship from financially stressed Varun Shipping Company.

The stock opened at Rs 21.50 and has seen over four-fold jump trading volumes. Till 1305 hours, a combined 2.46 million shares already changed hands on the counter on the BSE and NSE.