Mercator Lines was frozen at 5 per cent upper circuit backed by strong quarterly results. The stock gained on overall buying interest in the market after three day of sharp correction. |
A head of research with a domestic broking firm said, "At above 6,000 levels, the markets are expected to witness stock specific action who have announced impressive quarterly results." |
Mercator for the quarter ended December 31, 2004, registered a 316.66 per cent jump in net profit at Rs 58 crore as against Rs 13.92 crore in the same quarter last year. Dealer said, the counter has witnessed a strong momentum buy from foreign funds in anticipation of robust results. |
More than 42 thousand shares changed hands at the counter in Thursday's trading. The company recently placed 6,50,000 equity shares of Rs 10 each to an FII at a premium of Rs 550 per share on preferential basis. |