STOCK MARKET

Swan Energy Soars 18% in Five Straight Days

Swan Energy has three categories of business and having net sale of Rs 143.47 crore in Q2FY23.

Swan Energy jumped 6.86% to Rs 270.95, extending gains for the fifth trading session. The stock had outperformed the market over November 22, soaring 28.13% compared with a 3.12% rise in the Sensex.

During the second quarter, the scrip underperformed the market climbing 25.2% compared to Sensex’s 6.09% rise. Also, the scrip had outperformed the market in 2021, spurting 117.5% compared with Sensex’s 8.94% rise.

On the daily chart, the stock was trading above its 20-day simple moving average (SMA), placed at 223.73, 50-day simple moving average (SMA) ranked at 217.14, and 100-day simple moving average (SMA) placed at 223.64.

The company has three verticals of business named textiles, energy and real estate.

On a standalone basis, Swan Energy reported a net loss of Rs 31.96 crore in the second quarter of FY23 compared with a net loss of Rs 25.57 crore in FY22. Net sales rose 141.33% yearly to Rs 143.47 crore in the second quarter of FY23.

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