Swan Energy spurts after subsidiary receives maritime board's approval for LNG terminal

Swan Energy hit 20% upper circuit at Rs 201.35 at 14:10 IST on BSE after the company's wholly owned subsidiary received approval from Gujarat Maritime Board for commencement of construction of LNG terminal.

The announcement was made during market hours today, 13 December 2016.

Huge volumes were witnessed on the counter. On the BSE, 17.33 lakh shares were traded in the counter so far as against average daily volume of 3.35 lakh shares in the past one quarter. The stock was locked at a high of Rs 201.35 in intraday trade. The stock hit a low of Rs 169.85 so far during the day.

The stock had outperformed the market over the past one month till 12 December 2016, jumping 25.13% compared with the 1.13% decline in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 167.2% as against Sensex's 6.48% decline.

The small-cap company has an equity capital of Rs 22.12 crore. Face value per share is Re 1.

Swan Energy announced that through its 100% subsidiary company, Swan LNG (SLPL), has received approval from Gujarat Maritime Board (GMB) for commencement of construction of liquified natural gas (LNG) terminal with ancillary structures for its floating storage and re-gasification unit (FSRU) project at Jafrabad, Gujarat.

SLPL has executed an engineering, procurement and construction (EPC) contract for marine and dredging works worth Rs 2115 crore with National Marine & Infrastructure India (NMIIPL) for carrying out the construction of LNG terminal at Jafrabad, Gujarat, to be completed within 3 years. NMIIPL has already started the construction works.

Swan Energy's net profit jumped 1170.6% to Rs 2.16 crore on 1.6% growth in net sales to Rs 96.09 crore in Q2 September 2016 over Q2 September 2015.

Swan Energy is an emerging green energy company with a pipeline of innovatively structured power projects.

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