Home / Market / Stock-market-news /  Swan Energy shares rise 20% on the back of higher volumes

Mumbai: Shares of Swan Energy Ltd surged over 235% in last two and half months on the back of higher volumes. The stock touched a record high of 01 a share and hit an upper circuit of 20% in intraday trading on Tuesday. Since 29 September, the stock surged over 235% from 59.05 a share. So far this year it gained 196%,

On Tuesday, the scrip fluctuated between the low and high of 69.85 and 201.35 before closing at 201.35. The scrip closed up 19.99% on Bombay Stock Exchange (BSE) against the previous session’s closing of 67.80.

The company in a notice to BSE said that it, through its 100% arm Swan LNG Pvt Ltd (SLPL) has got approval from Gujarat Maritime Board for starting the construction of LNG terminal with ancillary structures for its floating storage and re-gasification unit at Jafrabad in Gujarat.

SLPL has executed an engineering procurement construction contract for marine and dredging works worth Rs2,115 crore with National Marine & Infrastructure India Private Limited (NMIIPL) for carrying out the construction of LNG terminal at Jafrabad, which will be completed within three years. NMIIPL has already started the construction work, the company added.

In August, PTI reported that the state-owned ONGC, IOC and BPCL have booked 60% of the capacity of Swan Energy Ltd’s upcoming floating LNG terminal off the Gujarat coast, giving the Nikhil Merchant-led firm a much-needed backing to complete the Rs5,600 crore project.

Oil and Natural Gas Corp (ONGC), IOC and Bharat Petroleum Corp Ltd (BPCL) have agreed to take one million tonnes per annum capacity each on the 5 million tonnes a year floating LNG terminal planned at the Jafrabad port in Gujarat. Gujarat State Petroleum Corp Ltd (GSPC), too, is in talks to take 1.5 million tonnes capacity in the floating, storage and regasification unit.

The companies will bring their own LNG from abroad and pay Swan a tolling fee, the PTI report added.

For September quarter, Swan reported a net profit of .16 crore, up from 17.04 lakh a year ago. Total income rose 1.6% to 6.09 crore.

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