LIC gained Rs 29,73,42,240 in a single day as this mid-cap stock surged by 12 per cent!

The confirmation of significant strength in Nifty would only be evident if it rises above the 19,550 mark.

Indian markets broke their six-day losing streak, with the Nifty index surging past the psychological milestone of 19,000 points, thanks to a resurgence of broad-based buying support. However, caution is still warranted, as the benchmark index may not be entirely out of the woods. To maintain market positivity, a resolution to the ongoing Israel-Hamas conflict is necessary. The confirmation of significant strength in Nifty would only be evident if it rises above the 19,550 mark.

Amidst this market recovery and widespread buying, one notable stock in the Life Insurance Corporation of India (LIC) portfolio stood out. Swan Energy Ltd (SEL), originally in the textile business with mills in Sewri and Kurla, discontinued its textile operations in 2002. SEL re-entered the textile sector in 2011, establishing a new plant in Ahmedabad, Gujarat, with an annual fabric processing capacity of 360 lakh meters. Later, SEL repurposed its former textile units for real estate projects. Additionally, through its subsidiaries, Swan LNG Pvt. Ltd. (SLPL) and Triumph Offshore Pvt. Ltd. (TOPL), SEL is involved in setting up a Floating Storage and Regasification Unit (FSRU) project in Jafrabad, Gujarat, with a regasification capacity of 5 million metric tonnes per annum (MMTPA) of LNG.

On Friday, SEL's stock price surged by over 12 per cent, closing at Rs 368.95 per share, resulting in an increase of nearly Rs 40 per share. Notably, LIC holds a 2.82 per cent stake in the company, equivalent to 7,433,556 shares. In just one trading session, LIC realized a profit of Rs 29,73,42,240 from this Mid-Cap stock. Over the past year, the stock has delivered substantial returns of 79.27 per cent.

Disclaimer: The article is for informational purposes only and not investment advice.