Swam Energy floats high on GMB construction approval
DSIJ Intelligence / 13 Dec 2016
Swan Energy, which had previously closed at Rs 167.80, opened one per cent higher and as at 2.16 pm, it was trading at Rs 201.35, up by 19.99 per cent. The share of the company has also hit new 52-week high on December 13.
Swan Energy, which had previously closed at Rs 167.80, opened one per cent higher and as at 2.16 pm, it was trading at Rs 201.35, up by 19.99 per cent. The share of the company has also hit new 52-week high on December 13. The company has informed bourses that the company through its 100 per cent subsidiary company Swan LNG Private Limited (SLPL), has received approval from Gujarat Maritime Board (GMB) for commencement of construction of LNG terminal with ancillary structures for its Floating Storage and Re-gasification Unit (FSRU) project at Jafrabad in Gujarat.
SLPL has executed an EPC contract for marine and dredging works worth Rs 2,115 crore with National Marine & Infrastructure India Pvt Ltd (NMIIPL) for carrying out the construction of LNG terminal at Jafrabad, Gujarat, to be completed within 3 years. In the last three months, the stock of the company has been a multi-bagger and has surged by 219 per cent.
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