Hot Pursuit     13-Nov-23
Swan Energy corrects on profit selling
Swan Energy dropped 4.44% to Rs 429.45 on profit selling after recent steep gains.
Shares of Swan Energy surged 16.33% in the preceding four trading sessions following robust Q2FY24 result announced on 10 November 2023.

Swan Energy reported net profit of Rs 84.58 crore in Q2 September 2023 as against net loss of Rs 31.96 crore in Q2 September 2022. Net sales soared 752.62% year-on-year to Rs 1223.26 crore in Q2 September 2023.

Pre-tax profit stood at Rs 178.37 crore in the Q2FY24, as against pre-tax loss of Rs 70.18 crore in Q2FY23.

Total expenses soared 579.9% to Rs 966.30 crore in Q2 FY24 over Q2 FY23. During the quarter, cost of materials consumed stood at Rs 949.09 crore (up 656.2% YoY) while employee benefits expense was at Rs 8.31 crore (up 24.6% YoY).

Cash generated from operations (OCF) stood at Rs 366.03 crore as on 30 September 2023, as against negative OCF of Rs 492.76 crore as on 30 September 2022.

The stock hit a record high of Rs 463.45 on 12 November 2023. It hit a 52-week low of Rs 193 on 28 March 2023.

The stock outperformed the market over the past one month, rising 42.09% compared with 1.80% decrease in the Nifty.

The scrip outperformed the market in past one quarter, climbing 60.39% compared with 0.05% rise in the Nifty.

The scrip outperformed the market in past one year, rising 76.91% compared with 5.93% increase in the Nifty.

On the technical front, the stock's daily RSI (relative strength index) stood at 72.93. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 325.22, 290.67 and 269.36, respectively. These levels will act as crucial support zones in near term.

Swan Energy is a diversified conglomerate with interests in textiles, energy, construction, and other sectors.

Previous News
  Swan Energy reports consolidated net profit of Rs 72.95 crore in the June 2023 quarter
 ( Results - Announcements 15-Aug-23   09:26 )
  Swan Energy to table results
 ( Corporate News - 19-Jan-24   14:13 )
  Swan Energy allots 4.95 cr equity shares under QIP issue
 ( Corporate News - 29-Feb-24   14:36 )
  Swan Energy announces empanelment and tie-up with Telecommunications Consultants India
 ( Corporate News - 08-May-24   15:05 )
  Swan Energy reports consolidated net loss of Rs 19.13 crore in the March 2022 quarter
 ( Results - Announcements 01-Jun-22   16:15 )
  Swan Energy standalone net profit rises 27.50% in the December 2019 quarter
 ( Results - Announcements 15-Feb-20   12:54 )
  Swan Energy Ltd leads losers in 'A' group
 ( Hot Pursuit - 17-Mar-23   15:00 )
  Swan Energy EGM scheduled
 ( Corporate News - 29-Jun-23   10:08 )
  Swan Energy launches QIP; floor price at Rs 703.29/share
 ( Hot Pursuit - 21-Feb-24   11:48 )
  Swan Energy Ltd leads losers in 'A' group
 ( Hot Pursuit - 30-Jul-21   15:00 )
  Swan Energy Ltd leads losers in 'A' group
 ( Hot Pursuit - 11-Jul-23   15:00 )
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