Technical Analyst Kunal Saraogi has maintained 'buy' rating on Mercator Lines to achieve an intraday target of Rs 58.

According to him, interested traders can purchase the stock with a stop loss of Rs 54.

The shares of the company, on May 13, closed at Rs 55.35 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 76.75 and a low of Rs 39 on BSE.

Current EPS & P/E ratio stood at 5.95 and 9.28 respectively.

Mercator Lines said that its full year earning declined 46% to $40.7 million.

Mainboard-listed and India-owned dry bulk shipping firm said that its revenue declined by 22% to $144.5 million.

The company eyes freight costs to remain volatile during the existing year.

It also said that it keeps tracking its plan of locking significant capacitance on long term deals with prestigious clients.

Moreover, the company announced that its Singapore-based subsidiary, Mercator Lines (Singapore) Ltd, has purchased Gearless Panamax vessel of about 74,483 DWT, which was set up in the year 2007.

MLS purchased the vessel for an aggregate amount of Rs 175 crore.