Swan Energy shares zoom 10% on block deal; details here

Shares of Swan Energy Ltd jumped 10.19 per cent in Tuesday's trade to hit a day high price of Rs 460.50. At this price, the stock was just 0.71 per cent away from its one-year high price of Rs 463.80, a level seen on November 12 this year. That said, the multibagger counter has gained 139.04 per cent from its 52-week low of Rs 192.65, hit on March 28, 2023.

Today's rally in the share price came after NSE data showed that a block deal worth nearly Rs 352 crore took place, involving 84.99 lakh shares.

At the time of writing this story, around 1.43 crore shares changed hands for an estimated value of Rs 634.71 crore. The company's market capitalisation (m-cap) came at Rs 11,938.29 crore.

Last seen, there were 26,25,764 buy orders on NSE against sell orders of 7,95,110 shares.

On BSE, 5.82 lakh shares changed hands today. The figure was way more than the two-week average volume of 73,000 shares. Turnover on the counter stood at Rs 26.08 crore, commanding a m-cap of Rs 11,976.55 crore.

In October, the company had completed the upfront payment for acquisition of Reliance Naval and Engineering Ltd (RNEL), which was once controlled by Anil Ambani, through National Company Law Tribunal's (NCLT's) resolution plan.

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"Swan Energy is a strategic partner of Resolution Applicant, i.e., Hazel Mercantile Limited (HML), through a Special Purpose Vehicle, namely Hazel Infra Ltd (HIL), to acquire RNEL. HIL has released Rs 231.42 crore towards balance upfront payment on October 27, 2023. This completes the upfront payment obligation as laid down in the Resolution Plan approved by the NCLT," the company stated.

The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 68.67. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 2551.91 against a price-to-book (P/B) value of 8.62.

Bourses BSE and NSE have put the securities of Swan Energy under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)

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