Shares of Swan Energy closed at their highest level in seven months on Friday, rising for a third straight session. The stock hit a 52-week high of Rs 337 last May. The stock is trading 10.5% below its 52-week high at current market prices.

In the latest development, the Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved a resolution plan filed by Hazel Mercantile Ltd to acquire Reliance Naval and Engineering. Swan Energy was a strategic partner in Hazel’s acquisition of Reliance Naval through special-purpose vehicles.

Under the resolution plan, the SPV will pay Rs 2,108 crore to creditors of Reliance Naval. Existing shareholders will receive an equity stake of the face value of Rs 10 for every 275 ordinary equity shares held.

On the chart, Swan Energy is trading and delivering at four times its 10-day average. Volume was 21.7 lakh shares on Friday, compared with its 10-day average of 445,000 shares. Also, delivery volume rose to 593,000 shares from 147,000 in Friday’s trading session.

According to the chart, the stock is also trading above its 20-day moving average of Rs 285 and 50-day moving average of Rs 249.

With a market capitalisation of over Rs 8,000 crore, Swan Energy is engaged in manufacturing and marketing cotton and polyester textile products in India. It is developing a liquefied natural gas (LNG) import terminal based on a floating storage and regasification unit at Jafrabad, Gujarat.

According to the latest equity model, foreign-funded institutions hold nearly 8.5% of the shares, and domestic-funded LIC has 2.8%.