Swan Energy gains on NCLT nod for its bid to buy Reliance Naval

Swan

30/12/2022 06:41

** Shares of cotton and polyester textile products maker and
marketer Swan Energy Ltd  SWAN.NS  rise as much as 13% to 324
rupees, highest since May 5
    ** SWAN on Thursday said the National Company Law Tribunal
(NCLT) approved resolution plant for Reliance Naval and
Engineering Ltd  RELV.NS  submitted by Hazel Mercantile Ltd
    ** Co partnered with HML through a Special Purpose Vehicle
(SPV), namely Hazel Infra Limited (HIL), to acquire RELV
    ** Stock has been trading above its 100-day simple moving
averages for more than a month, indicating bullish sentiment
    ** SWAN posts its biggest intraday pct gain in over a month
and is on track for third consecutive session of gains
    ** More than 1.4 mln shares change hands by 12:00 p.m. IST
vs 1.7x 30-day avg of 810k shares
    ** SWAN up 97% YTD up to last close
 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))