Vascon Engineers gallops 61.78% in six days

Vascon Engineers was locked at 20% upper circuit at Rs 25.40 at 13:41 IST on BSE, with the stock extending its recent rally.

Meanwhile, the S&P BSE Sensex was down 96.79 points or 0.44% at 21,838.04

On BSE, so far 40,530 shares were traded in the counter with pending buy orders of 56,850 shares at upper circuit. The stock has an average daily volume of 7,087 shares over the past one quarter.

The stock hit a high of Rs 25.40 and a low of Rs 22.50 so far during the day. The stock had hit a 52-week high of Rs 38 on 11 March 2013. The stock had hit a 52-week low of Rs 13.50 on 19 February 2014.

The stock had outperformed the market over the past one month till 10 March 2013, rising 11.87% compared with the Sensex's 7.87% rise. The scrip, however, underperformed the market in past one quarter, sliding 11.11% as against Sensex's 3.2% rise.

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

Shares of Vascon Engineers are on a roll recently, surging 61.78% in six trading days to Rs 25.40 from a recent low of Rs 15.70 on 3 March 2014. The gains caught momentum after Vascon Engineers after market hours on Friday, 7 March 2014 said it has secured two new projects aggregating about Rs 245 crore. One project of worth about Rs 130 crore is from UP Housing and Development Board, Lucknow for construction of multistoried flats at Lucknow. Another contract worth about Rs 115 crore is from Sheth Creators for construction of residential building at Mumbai. The stock jumped 19.77% in a single trading session to settle at Rs 21.20 on Monday, 10 March 2014.

Vascon Engineers reported consolidated net loss of Rs 12.17 crore in Q3 December 2013, lower than net loss of Rs 22.52 crore in Q3 December 2012. Net sales rose 29.4% to Rs 177.47 crore in Q3 December 2013 over Q3 December 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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