Swan Energy, diversified into various sectors, saw its shares surge 25% after an investment by BlackRock. According to the company's recent shareholding data, Life Insurance Corporation of India held a 4.28% stake at the end of FY24.
Shares of Swan Energy, which operates in sectors such as textiles, real estate, oil and gas, petrochemical manufacturing, and trading, surged 25% to ₹734 apiece over the last nine trading sessions to hit a 5-month high. This significant rise has propelled the stock to gain 175% over the past year and 600% in the last five years.
The recent boost in shares followed an investment by global asset manager BlackRock, which purchased shares worth ₹304 crore through open market transactions on June 8 at a price range of ₹666.20–692.60 per share.
BlackRock, through its three affiliates, acquired 45.56 lakh shares, representing a 1.45% stake in Swan Energy.
Meanwhile, the company's recent shareholding data showed that Life Insurance Corporation of India (LIC) held a 4.28% stake at the end of FY24, while SBI Life Insurance owned a 2.55% stake, according to Tendlyne.
The promoters held a majority stake with 54% ownership, of which 18.40% was pledged, as per Trendlyne data.
The company has recently gained attention following its acquisition of Reliance Naval & Engineering (RENL) in October 2023. RENL was the first private sector company in India to obtain the license to build warships and has India’s largest integrated shipbuilding facility with a 662 m x 65 m drydock.
This business segment is experiencing significant opportunities in defence and commercial shipbuilding, ship repair and upgrades, oil and gas rig repair, and heavy engineering, boasting the world’s second-longest dockyard, according to domestic brokerage firm Sunidhi Securities & Finance.