Mercator surges on oil discovery by petroleum arm

Shares of Mercator were up nearly 5% after the company said that its subsidiary Mercator Petroleum Ltd., has made its second oil discovery.

The oil discovery in well Jyoti-2, Block CBONN-2005/9 of Cambay Basin, India is the second discovery after the recent Jyoti-1 success, the company said in a release.

The block was awarded during the NELP-VII bidding and the discovery has been notified to the Directorate General of Hydrocarbons, the release added.

The stock opened at Rs 24.70 and touched a high of Rs 25.40. At 12:30PM, over 9.5 million shares were traded on both the stock exchanges.