Swelect Energy sizzles after board OKs bonus issue

Swelect Energy Systems rose 6.81% to Rs 268.95 at 15:29 IST on BSE after the company said its board recommended 1:2 bonus issue for shares.

The announcement was made during market hours today, 8 July 2019.

Meanwhile, S&P BSE Sensex was down 783.51 points or 1.98% at 38,729.88.

On BSE, 35,000 shares were traded in Swelect Energy Systems counter, compared to a 2-week average of 9,632 shares. The share price hit an intraday high of Rs 276.95 and an intraday low of Rs 254. 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.

Shares of Swelect Energy Systems fell 14.95% in the past two trading sessions to settle at Rs 251.80 on 5 July 2019, from its close of Rs 296.05 on 3 July 2019.

The company's board recommended issuing bonus shares in the ratio of one equity share for every two equity shares held by the shareholders of the company as on the record date to be determined by the board.

Net profit of Swelect Energy Systems declined 34% to Rs 3.89 crore on a 53% 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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