India's Swan Energy soars on plans to start LNG terminal in April

Swan

26/08/2021 05:29

** Shares of Swan Energy  SWAN.NS  rise as much as 17.8% to
153.7 rupees, highest since July 30
    ** SWAN plans to commission 5-mtpa floating storage and
regasification unit at Jafrabad in western Gujarat state in
April - SWAN director  urn:newsml:reuters.com:*:nL1N2PX02Y
    ** Adds Swan is setting up a jetty, will build more tanks to
eventually double LNG import capacity
    ** State-run gas importers Indian Oil Corp  IOC.NS  and
Bharat Petroleum Corp  BPCL.NS , and exploration firm Oil and
Natural Gas Corp  ONGC.NS  have leased 1 mtpa capacity each at
Swan's terminal
    ** India, world's fourth-largest LNG importer, seeks to
raise share of natural gas in its energy mix to 15% by 2030 from
current 6.2% to cut emissions
    ** SWAN stock marks sharpest intraday pct gain in four weeks
    ** More than 1.5 mln shares change hands within first hour
of trade, vs the 30-day avg of nearly 707,000 shares
    ** Up to last close, stock down ~3% YTD, vs a 19% rise in
the benchmark NSE Nifty 50  .NSEI 
    

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))