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Only buyers in this Penny stock push the stock price to a fresh 52-week high with rising volumes

·1-min read

Markets at all time high are making investors cautious on the further gains that can be milked from small-caps and mid-caps. While experts are alarming investors on the high valuations and few of the fund managers start piling up cash in case of market correction, there are few penny stocks that are making headlines with their price volume actions.

Mercator Ltd is one such penny stock where there are only buyers and no sellers on Thursday trading session. The stock is getting locked in the upper circuit for past five continuous trading sessions. The stock is trading at Rs 2.22 per share on thursday, up by 4.72 per cent. Interestingly the stock hit its lower cicuit before touching the upper circuit at Rs 2.22 per share. The company has posted net loss in its recent quarterly results. 

Mercator Ltd has gained by more than 100 per cent in two months and is trading at its fresh 52-week high. In a recent bulk deal as reported on the BSE saw K India Opportunities Fund Ltd buy 8159363 shares at Rs 1.82 per share thus valuing the deal at Rs 1.49 crore. FIIs own nearly 3.74 per cent in the company while the stock is in the ASM LT stage 2.

To know more about ASM click on the below link:-

LT ASM: A list of stocks under SEBI surveillance - Dalal Street Investment Journal (dsij.in)

Mercator Limited is an Indian company. It was earlier known as Mercator Lines Ltd. The Mercator group of companies has diversified business interests in Coal, Oil & Gas, Commodity Transportation, and Dredging. 

Penny stock investing should be done only by those investors who understand and know the catalysts driving the stock price and the business prospects of the company.

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