Shares of Swan Energy Ltd witnessed a sharp uptick in Thursday's trading session. The stock surged 14.59 per cent to hit a day high of Rs 569. It was last seen trading 13.93 per cent higher at Rs 565.70. At this price, the scrip has climbed 10.95 per cent on a year-to-date (YTD) basis.
Today's sharp upmove came after the company issued its clarification over a press release published by the UK government, titled "UK, EU and Canada Impose New Sanctions Targeting Myanmar Military Regime and Its Associates."
"Swan Energy and its subsidiaries have no assets or business operations in Myanmar. Furthermore, the company has no association or affiliation with Asia Sun Trading Company Limited, Swan Energy Company Limited, or any other entities referenced in the afore mentioned press release," it stated in an exchange filing.
"As a publicly listed company on both the BSE and NSE, Swan Energy strictly adheres to regulatory frameworks and is committed to ethical and transparent business practices. Our operations remain focused on our core sectors, aligned with robust compliance and governance standards, to deliver sustainable growth and value for all stakeholders," the company added.
For the unversed, the United Kingdom (UK), European Union (EU) and Canada have announced further sanctions targeting the Myanmar military's access to military material, equipment and funds. The latest round of UK sanctions is against six entities (including Asia Sun Trading) involved either in providing aviation fuel to the Myanmar military or in the supply of restricted goods, including aircraft parts.
On the stock-specific front, the counter saw high trading volume on BSE today as around 5.85 lakh shares were seen changing hands. The figure was more than the two-week average volume of 65,000 shares. Turnover on the stock came at Rs 31.81 crore, commanding a market capitalisation (m-cap) of Rs 17,804.35 crore.
The counter traded higher than the 5-day, 10-, 20-day and 30-day simple moving averages (SMAs) but lower than the 50-day, 100-, 150-day and 200-day SMAs. The scrip's 14-day relative strength index (RSI) came at 61.08. A level below 30 is defined as oversold while a value above 70 is considered overbought.
According to BSE data, the company's stock has a price-to-equity (P/E) ratio of 3558.46 against a price-to-book (P/B) value of 3.41. Earnings per share (EPS) stood at 0.14 with a return on equity (RoE) of 0.10. As of September 2024, promoters held a 53.96 per cent stake in the company.