This company setting up solar plant earned Rs 1170 crore in 5 minutes, how?

Swan Energy's shares saw a rise of more than 15 percent in just 5 minutes. Due to which the market cap of the company increased by more than Rs 1170 crore. In fact, a plan has been made to raise Rs 1435 crore to buy this company Reliance Naval.

Swan Energy, the company which set up the solar plant on Monday, is making huge profits in the stock market on Monday. There was a rise of more than 15 percent in the company's shares in 5 minutes. The market cap of the company increased by more than Rs 1170 crore during this period. In fact, Swan Energy's resolution plan for Reliance Naval has been passed.

For this the company has to pay the entire amount in 6 installments. To arrange these installments, Swan has planned to raise Rs 1435 crore. Due to which an increase is being seen in the shares of the company. However, Swan Energy is also building the second largest solar plant in the country. Let us also tell you what kind of figures are being seen in the stock market.

Company's shares fell 15 percent in 5 minutes

Shares of Swanad Energy rose by 15.5 percent to Rs 342.75 in 5 minutes on Bombay Stock Exchange. However, the company's shares opened with a rise at Rs 322.05. At present, i.e. at 10:15 am, the company's shares are trading at Rs 318.50 with a rise of 6.74 percent. The company's shares have given a return of 56.83 percent in the last 6 months. In the last 5 trading days, the company has given returns of about 10 percent to the investors.

Earning of Rs 1170 crore in 5 minutes

The company has earned Rs 1170 crore in 5 minutes. The company's shares closed at Rs 298.40 on Friday. The market cap of the company that day was Rs 7875.28 crore. Today i.e. on Monday, the company's share reached Rs 342.75 and the market cap of the company came to Rs 9045.75 crore. This means that within just 5 minutes the market cap of the company increased by Rs 1,170.47 crore. If experts are to be believed, further increase in the company's shares may be seen.

The resolution plan was approved in December

In December last year, the NCLT had approved a resolution plan of Rs 2,108 crore jointly submitted by Hazel Mercantile and Swan Energy for RNEL, which was approved. After which the company had to pay in six installments. The first installment was Rs 292 crore which was to be paid in March 2023 only. According to the information, the NCLT bench gave the company twice time to make the payment. Due to not paying the money on time, a fine of two percent was also imposed on the company as interest on the installment.

In its final order dated August 1, the NCLT bench granted further time of 45 days, which ended in mid-September. After this the company applied for a two-month extension to avoid the defaulter tag. The case has been listed for hearing on October 5. Meanwhile, the company has planned to raise Rs 1435 crore by selling preferential shares to a Singapore company. Whose information has also been given to the stock market.