Vascon Engineers gains after selling its investment in a firm

Vascon Engineers rose 2.12% to Rs 21.70 at 13:09 IST on BSE after the company said it has sold out its investment in Zenith Ventures (AOP).

The announcement was made after market hours on Tuesday, 22 October 2013.

Meanwhile, the S&P BSE Sensex was down 262.70 points or 1.26% at 20,602.27.

On BSE, 6,538 shares were traded in the counter as against average daily volume of 2,933 shares over the past one quarter.

The stock hit a high of Rs 22.85 and a low of Rs 21.70 so far during the day. The stock had hit a 52-week high of Rs 66.65 on 1 January 2013. The stock had hit a record low of Rs 16.20 on 20 August 2013.

The stock had outperformed the market over the past one month till 22 October 2013, surging 6.25% compared with the Sensex's 2.97% rise. The scrip had also outperformed the market in past one quarter, jumping 12.14% as against Sensex's 3.5% rise.

The small-cap company has equity capital of Rs 90.18 crore. Face value per share is Rs 10.

Vascon Engineers said it has recovered its advance payment interest part and expenses incurred therein consequent to selling its investment in Zenith Ventures (AOP).

Vascon Engineers reported consolidated net loss of Rs 4.47 crore in Q1 June 2013, as against net profit of Rs 5.05 crore in Q1 June 2012. Net sales declined 39% to Rs 118.92 crore in Q1 June 2013 over Q1 June 2012.

Vascon Engineers is engaged in conceiving, developing, constructing and managing varied projects. It is active in multiple sectors including residential, industrial, IT parks, malls and multiplexes, hospitality and community.

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