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Mercator’s rises with arm commencing oil production from Jyoti-1

24 Sep 2018 Evaluate

Mercator is currently trading at Rs. 19.50, up by 0.20 points or 1.04% from its previous closing of Rs. 19.30 on the BSE.

The scrip opened at Rs. 19.20 and has touched a high and low of Rs. 19.90 and Rs. 19.20 respectively. So far 15866 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 49.00 on 01-Nov-2017 and a 52 week low of Rs. 18.30 on 21-Sep-2018.

Last one week high and low of the scrip stood at Rs. 22.75 and Rs. 18.30 respectively. The current market cap of the company is Rs. 583.75 crore.

The promoters holding in the company stood at 30.84%, while Institutions and Non-Institutions held 15.48% and 53.67% respectively.

Mercator’s subsidiary -- Mercator Petroleum has commenced oil production and dispatch from its first well -- Jyoti-1 -- as part of in their EWT CB-ONN-2005/9 oil block in the Cambay basin. The company began mobilizing the Jyoti-1 well in August 2018, after receiving the mining lease in June 2018 for a period of 20 years and has signed a Memorandum of Understanding (MoU) with the Indian Oil Corporation for sales of its crude oil, at benchmarked rates.

The Company is expected to ramp up the production significantly in the coming months, as it brings the second well, Jyoti-11 under production. The company has an approved Field Development Plan for 23.79 million barrels of proven high-quality oil in the highly prolific the Cambay basin.

Mercator is one of India's largest private sector Dredging Company. The group has a presence in varied segments namely shipping, offshore services, oil exploration and production, dredging, coal mining/trading and logistics.

Mercator Share Price

0.84 0.00 (0.00%)
10-Mar-2023 18:02 View Price Chart
Peers
Company Name CMP
Shipping Corpn. 305.85
GE Shipping 1425.30
Dredging Corp 976.65
Seamec 1556.00
Shreeji Ship.Global 377.10
View more..

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