Stock market: Sensex climbs 200 points, Nifty50 above 10,150

Mercator advances 4% on debt reduction plan

Headline indices Sensex and Nifty opened on a positive note on Wednesday ahead of the crucial Fed meet outcome. At 09:23 am, S&P BSE Sensex was trading 236 points higher at 33,232 while NSE Nifty was 71 points up at 10,195.

Shares of MercatorBSE 3.33 % advanced over 4 per cent after the company informed bourses that it has entered into a Memorandum of Agreement with Best Oasis, Hong Kong to sell its vessel MV Vrinda for a total consideration of $4.25 million. The proceeds of the sale would be used to repay debts of the company.

The transaction is expected to be completed by April 6, 2018.

The scrip was trading 4.24 per cent up at Rs 34.40 at around 9.50 am (IST). Shares of the shipping and dredging company opened at Rs 34.20 and touched a high and low of Rs 34.80 and Rs 33.90, respectively, in trade so far.

Benchmark BSE Sensex was up 237 points, or 0.72 per cent, at 33233.88 at around the same time.

Shares of the company had hit 52-week high of Rs 55.20 on April 24, 2017 and 52-week low of Rs 32.20 on March 20, 2018.

For the quarter ended December 31, 2017, Mercator reported a consolidated net loss of Rs 105.29 crore against net profit of Rs 30.42 crore in the corresponding quarter last year

Net sales of the company slipped 65 per cent year-on-year to Rs 203.92 crore for the quarter under review. It had posted net sales of Rs 585.13 crore in the same quarter last year.

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