Swan Energy zooms 20% on Gujarat Maritime Board approval for construction of LNG terminal

The stock is locked in upper circuit of 20% at Rs 201, also its 52-week high on the BSE

Swan Energy is locked in upper circuit of 20% at Rs 201, also its 52-week high on the BSE, after the company through its 100% subsidiary company Swan LNG Private Limited (SLPL), has received approval from Gujarat Maritime Board (GMB) for commencement of construction of LNG terminal with ancillary structures for its Floating Storage and Re-gasification Unit (FSRU) project at Jafrabad, Gujarat.

SLPL has executed an EPC contract for marine and dredging works worth Rs 2,115 crore with National Marine & Infrastructure India Private Limited (NMIIPL) for carrying out the construction of LNG terminal at Jafrabad, Gujarat, it added.

The work will be completed within 3 years. NMIIPL has already started the construction works.

The trading volumes on the counter more than doubled with a combined 6.51 million shares changed hands on the BSE and NSE till 02:03 pm. There were pending buy orders for 626,701 shares on both the exchanges.