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Shares of Swan Energy ended at their highest level in seven months on Friday, gaining for the third straight trading session. The stock had made a 52-week high of Rs 337 in May last year. From the current market price, the stock is 10.5 percent away from its 52-week high.

In recent developments, the Ahmedabad bench of the National Company Law Tribunal (NCLT) approved the resolution plan submitted by Hazel Mercantile Ltd., to acquire Reliance Naval and Engineering. Swan Energy is a strategic partner with Hazel to acquire Reliance Naval through a Special Purpose Vehicle.

Based on the resolution plan, the SPV will pay Rs 2,108 crore to the creditors of Reliance Naval. Existing shareholders will get one equity share of face value of Rs 10 for every 275 ordinary equity shares held by existing shareholders.

On the charts, Swan Energy's traded and delivery volumes are quadruple of its 10-day average. The traded volume on Friday stood at 21.7 lakh shares, compared to its 10-day average of 4.45 lakh shares. Additionally, delivery volumes for Friday's trading session stood at 5.93 lakh shares from 1.47 lakh shares.

Based on the charts, the stock is also trading above its 20-day moving average of Rs 285 and its 50-day moving average of Rs 249.

With a market capitalisation of over Rs 8,000 crore, Swan Energy is engaged in the manufacturing and marketing of cotton and polyester textile products in India. It is developing a Floating Storage and Regasification Units-based liquid natural gas (LNG) import terminal at Jafrabad in Gujarat.

FIIs hold close to 8.5 percent stake in the company based on the latest shareholding pattern while among domestic investors, LIC holds 2.8 percent stake.