Swan Energy gains as board approves stock-split

Swan Energy rose 1.85% to Rs 115.85 at 10:25 IST on BSE after the company said its board of directors at a meeting held on Wednesday, 4 December 2013, approved 2-for-1 stock split.

The announcement was made after market hours on Wednesday, 4 December 2013.

Meanwhile, the S&P BSE Sensex was up 387.75 points or 1.87% at 21,096.46.

On BSE, 37,000 shares were traded in the counter as against average daily volume of 2.14 lakh shares in the past one quarter.

The stock hit a high of Rs 117 and a low of Rs 114 so far during the day.

The stock had outperformed the market over the past one month till 4 December 2013, rising 1.97% compared with the Sensex's 2.5% fall. The scrip had also outperformed the market in the past one quarter, advancing 12.46% as against Sensex's 11.53% surge.

Swan Energy last week said that the Gujarat Maritime Board (GMB) has selected the company as the developer of Greenfield LNG Port Terminal with Floating Storage and regassification Unit (FSRU) project at Jafrabad, Gujarat on built-own-operate-transfer (BOOT) basis.

Swan Energy's net profit declined 14.5% to Rs 4 crore on 47.3% growth in net sales to Rs 81.73 crore in Q2 September 2013 over Q2 September 2012.

Swan Energy is an emerging green energy company with a pipeline of innovatively structured power projects. The company is currently undertaking a gas-based energy project in Gujarat through 49% equity participation in special purpose company, Gujarat Pipavav Power Co (GPPC).

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