Demonetisation: Swan Energy falls free

The demonetisation move by the centre has hampered the realty stocks significantly. Take for instance Swan Energy which has emerged as the top loser on November 23 as at 2.05 pm. The shares of the company which previously closed at Rs 130.45 opened three per cent higher. However, could not sustain at that level. The shares of Swan Energy as at 2.09 pm are trading at Rs 121, down by 7.24 per cent. Although, the shares of Swan Energy are  the top losers for the day, in the last three months it had given a return of over 91 per cent.

On November 14, company declared its Q2FY17 results. The net sales stand at Rs 96.09 crores, which have increased by 1.61 per cent. PBIDT has increased by 109 per cent and stands at Rs 8.52 crores. PAT of Swan Energy stands at Rs 2.16 crores, which has increased by 12 times as compared with the corresponding quarter of the previous fiscal.

 On the other hand, company had recently received shareholders’ approval to raise Rs 1,200 crore through issuance of equity shares or securities like Foreign Currency Convertible Bonds (FCCBs).