Oil explorers doing well at the markets today

Mercator Ltd., a shipper and oil explorer hit its highest level in 8 months after the company announced one of its units had made an oil discovery in its second well.

Mercator rose 5.6 percent, or 1.30 rupees, at 24.55 rupees on the National Stock Exchange where 58 lakh shares were traded compared with a 5-day average of 40.3 lakh shares

Mercator's market capitalisation has dropped 25 percent to 580 crore rupees in the past one year as investors shied away from companies that have exposure to falling crude oil prices. As a consequence, Mercator trades at 0.3 times book value of 78 rupees.

(Image credits: Indiatimes)