Vascon Engineers gains after concluding two transactions

Vascon Engineers rose 1.73% to Rs 17.60 at 9:26 IST on BSE after the company said it concluded two transactions worth Rs 50 crore.

The announcement was made after market hours yesterday, 3 January 2019.

Meanwhile, the S&P BSE Sensex was up 130.51 points, or 0.37% to 35,644.22.

On the BSE, 22,000 shares were traded in the counter so far compared with average daily volumes of 69,000 shares in the past two weeks. The stock had hit a high of Rs 18.30 and a low of Rs 17.60 so far during the day. The stock hit a 52-week high of Rs 50.90 on 8 January 2018. The stock hit a 52-week low of Rs 15.35 on 11 December 2018.

The first transaction comprised sale of amenity plot along with school building to Infraschool Services Guragon for a total consideration of Rs 36.50 crore. The second transaction involved sale of land situated at Village Balewadi, Baner along with all other joint venture partners to Keywest Realty for a consideration of Rs 100 crore. Vascon's share in this sale is Rs 13.10 crore.

Vascon Engineers' managing director, Siddharth Vasudevan, said that the proceeds of these non-core asset sale transactions will ensure adequate liquidity for the firm's operations in line with the company strategy.

Vascon Engineers reported net loss of Rs 1.13 crore in Q2 September 2018 as against net profit of Rs 1.51 crore in Q2 September 2017. Net sales rose 27.56% to Rs 69.65 crore in Q2 September 2018 over Q2 September 2017.

Vascon Engineers is one of the foremost listed real estate companies headquartered in Pune with over 30 years of experience delivering 200+ projects spanning over 50 million square feet of landmark developments across residential, industrial, IT parks, malls and multiplexes, hospitality and community welfare centers in 30+ cities across India with EPC and its own real estate projects.

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