Mercator gains momentum on subsidiary concluding sale of VLOC ‘Sri Prem Putli’

01 Apr 2013

Mercator is currently trading at Rs. 13.63, up by 0.43 points or 3.26% from its previous closing of Rs 13.20 on the BSE.

The scrip opened at Rs 13.10 and has touched a high and low of Rs 13.95 and Rs 13.10 respectively. So far 46737 shares were traded on the counter.

The BSE group 'B' stock of face value Re 1 has touched a 52 week high of Rs 26.30 on 03-Apr-2012 and a 52 week low of Rs 12.80 on 25-Mar-2013.

Last one week high and low of the scrip stood at Rs 14.70 and Rs 12.80 respectively. The current market cap of the company is Rs 333.05 crore.

The promoters holding in the company stood at 40.22 % while Institutions and Non-Institutions held 15.58 % and 44.21 % respectively.

Mercator’s - Singapore based step-down subsidiary, Mercator Lines (Singapore) (MLS), has concluded the sale of its Very Large Ore Carrier (VLOC), Sri Prem Putli.

The proceeds from the sale will be used by MLS partly for prepayment of its debt and partly for payment of compensation and expenses relating to early termination and change of terms of long term chartered-in vessels. This would assist MLS to reduce the leverage and improve cash flows.

Mercator is the second-largest private sector shipping company on a consolidated basis in India, in terms of tonnage capacity. The group has a presence in varied segments namely shipping, offshore services, oil exploration and production, dredging, coal mining/trading and logistics.

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