Swan Energy witnessed a significant surge of 5% after a block deal of 1.22 million shares on July 8, By 10:41 am, the stock had hit the upper circuit at Rs 692.60 on the National Stock Exchange (NSE).
The company operates across multiple sectors including textiles, real estate, energy, and petrochemicals. Its business segments encompass Textile, Energy, Construction/Others, Distribution & Development, Warehousing, Manufacturing, and Power Generation.
Swan Energy recently approved the acquisition of a 49% equity stake in Triumph Offshore Private Ltd (TOPL) from Indian Farmers Fertiliser Cooperative (IFFCO) for Rs 440 crore. This move aims to strengthen its presence in Oil & Gas, Petrochemical Manufacturing & Trading, Textiles, and Realty sectors.
Under the terms of the deal, Swan Energy will acquire 26.21 crore equity shares of TOPL at Rs 16.78 per share, making TOPL a wholly-owned subsidiary by August 10, 2024.
In 2024, Swan Energy’s stock has surged over 35%, significantly outperforming the Nifty 50 index, which rose approximately 11% during the same period. Over the past year, the stock has delivered impressive returns, more than doubling investors’ wealth.
Technical analysts highlight that Swan Energy recently broke out of a symmetrical triangle on the daily chart, accompanied by a notable increase in trading volume, suggesting a potential breakout.
Analysts indicate that if the stock manages to sustain above Rs 660, it could target short-term levels up to Rs 780.
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