Vascon Engineers gains after receiving work order

Vascon Engineers rose 3.48% to Rs 38.70 at 9:18 IST on BSE after the company received a letter of award from Transcon Sheth Creators for civil construction, finishing, electrical and fire fighting work of residential building.

The announcement was made after market hours yesterday, 31 July 2017.

Meanwhile, the S&P BSE Sensex was up 25.81 points or 0.08% at 32,540.75. The S&P BSE Small-Cap index advanced 50.14 points or 0.31% at 16,143.70.

On the BSE, 32,000 shares were traded on the counter so far as against the average daily volumes of 5.62 lakh shares in the past one quarter. The stock had hit a high of Rs 39 and a low of Rs 38.50 so far during the day. The stock had hit a 52-week high of Rs 58.80 on 15 May 2017 and a 52-week low of Rs 26.15 on 27 December 2016.

The small-cap company has equity capital of Rs 167.66 crore. Face value per share is Rs 10.

Vascon Engineers said that the company has received letter of award from Transcon Sheth Creators, a domestic entity for the work of civil construction, finishing, electrical and fire fighting work of residential building no 3 and 4 (ground plus 23 floors) in Malad (West), Mumbai amounting to Rs 80.41 crore. The work has to be completed within 24 months from the date of receipt of work order.

Vascon Engineers reported net profit of Rs 1.90 crore in Q4 March 2017 as against net loss of Rs 1.48 crore in Q4 March 2016. Net sales declined 25.5% to Rs 57.48 crore in Q4 March 2017 over Q4 March 2016.

Vascon Engineers is an engineering, procurement and construction (EPC) company. It is active In multiple sectors including residential, industrial, IT parks, malls and multiplexes, hospitality and community.

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