Mercator Limited has announced that the company's Promoter and Executive Chairman, Mr Harish Kumar Mittal, purchased 1,000,000 equity shares from the open market at an average price of INR 17.35 per share. With this acquisition, the total promoter holding in Mercator Limited has increased to 31.17%.
Mr. Mittal stated that the recent weakness in the stock market offered a good opportunity for them to consolidate promoter holding. This recent purchase transaction by the company's promoter reiterates his confidence in the company's strong growth prospects and its unique positioning in the Oil and Gas Segment.
Mercator has evolved into a diversified energy conglomerate with increased focus on the Oil & Gas, Coal and Dredging segments. The company believes that its strong prospects in the Oil & Gas business will lead the company to superior returns. Mercator Petroleum has commenced production and dispatch of its light-weight crude oil from the first well, Jyoti I, in the Cambay Basin. It aims to scale up the production run-rate to 5,500 barrels per day. Within the coal segment, Mercator is presently seeing an all-time high production and infrastructure 3rct party throughput & is confident of strong future growth.
Shares of MERCATOR LTD. was last trading in BSE at Rs.16.8 as compared to the previous close of Rs. 17.4. The total number of shares traded during the day was 242557 in over 889 trades.
The stock hit an intraday high of Rs. 17.95 and intraday low of 15.6. The net turnover during the day was Rs. 4092723.