Here's why Swan Energy shares jumped 5% on December 2; details here

Swan Energy share price: Shares of Swan Energy rose up to 5.12 per cent to hit an intraday high of Rs 642.20 per share on Monday, November 2, 2024. 

 

The rise in the Swan Energy share price came after the company announced that it has resumed operations at its Shipyard (‘Reliance Naval and Engineering Limited or RNEL’). 

 

Swan Energy’s shipyard has commenced refit of ships at its establishment. Indian Coast Guard’s fast patrol vessel, Raj Ratan, was the first repair project, which began on September 4, 2024. The project was completed ahead of schedule, on November 30, 2024. The refit was executed in association with Sadhav Offshore Engineering, the company said.

 

“As part of the comprehensive refit of the ICG vessel, Swan Energy’s shipyard provided end to end services, including berthing and dry docking, along with critical yard services essential for the vessel’s overhaul. Swan’s Shipyard is also gearing up to commence its shipbuilding operations at the facility,” Swan Energy said in a statement.

 

“The resumption of operations at our shipyard marks the successful culmination of our dedicated efforts to rejuvenate this strategic facility. Delivering our first Indian Coast Guard vessel underscores our commitment to enhancing India’s ship repair and shipbuilding capabilities. Our vision is to establish our shipyard as a leading maritime hub for the manufacturing of defence and commercial ships, and for the heavy engineering sector, on a global scale,” said Vivek Merchant, director of Swan Energy’s Shipyard.

 

Swan’s Shipyard boasts the largest dry dock in India, and one of the largest in the world, measuring 662 metres by 65 metres. The dry dock is equipped with a 600-tonne SWL goliath crane. 

 

Moreover, the shipyard also features modern fabrication, piping and painting facilities with a capacity of 12,000 tons per month. Other facilities include a pre erection berth that is 980 meters long and 40 metres wide for assembling mega blocks, a 350-metre-long, dual berthing quay for afloat fit-out and commissioning of ships.

 

The market capitalisation of Swan Energy is Rs 19,874.73 crore, according to BSE. The company falls under the bSE 500 category. 

 

At 12:45 PM, Swan Energy shares were trading 3.79 per cent at Rs 634.05 per share. In comparison, BSE Sensex was trading 0.09 per cent higher or 73.19 points at 79,875.98 levels.