Swelect Energy hits the roof on bonus issue plan

Swelect Energy Systems was locked in upper circuit limit of 20% at Rs 253.70 at 14:39 IST on the BSE after the company announced that its board will consider bonus issue on 8 July 2019.

Meanwhile, the S&P BSE Sensex was up by 92.59 points, or 0.23% to 39,779.09.

On the BSE, 20,000 shares were traded in the counter so far compared with average daily volumes of 427 shares in the past two weeks. The stock had hit a high of Rs 253.70 and a low of Rs 223 so far during the day. It hit a 52-week high of Rs 365 on 30 July 2018 and a 52-week low of Rs 201 on 25 June 2019.

Swelect Energy Systems announced after market hours yesterday, 1 July 2019, that a meeting of the board of directors of the company will be held on Monday, 8 July 2019, to recommend for issue of bonus shares, subject to approval of shareholders and other regulatory approvals.

Net profit of Swelect Energy Systems declined 33.96% to Rs 3.89 crore on 52.96% decline in net sales to Rs 21.63 crore in Q4 March 2019 over Q4 March 2018.

Swelect Energy Systems is a solar power systems company.

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