Mercator Limited gains on winning contact worth Rs. 26.39 crore

Mercator Limited has bagged Maintenance Dredging Contract of Rs. 26.39 crore from Goa Naval. The contract is for block year 2018-20, 50 per cent of the project is to be completed in FY 2019 and the remaining in the FY 2020.

The share price of the company has gone up by over 2 per cent post the news.

Mercator Limited is a Mumbai-based company with interests in Coal, Dredging, Oil and Gas, and Shipping. The company's dredging business segment is poised to benefit from Indian government's focus on port development. The company is capable of providing both capital and maintenance works.

On Monday, the company's shares hit an intraday high of Rs. 23 and intraday low of Rs. 22 per share on the BSE. The 52-week high was Rs. 49 and 52-week low was Rs. 18.80 per share on the BSE.

At 10:45 hours, the share was quoting Rs. 22.75, up by 2.02 per cent .The Indian benchmark indices, the Nifty50 was trading at 11,394.25 level, up by 0.30 per cent and the BSE Sensex was trading at 37,717 level up by 0.43 per cent.