Vascon Engineers gallops on new order win

Vascon Engineers jumped 16.38% to Rs 20.60 at 12:49 IST on BSE after the company said it has secured two new projects aggregating about Rs 245 crore.

The announcement was made after market hours on Friday, 7 March 2014.

Meanwhile, the S&P BSE Sensex was down 13.09 points or 0.06% at 21,906.70

On BSE, so far 6,263 shares were traded in the counter as against average daily volume of 6,794 shares over the past one quarter.

The stock hit a high of Rs 20.95 and a low of Rs 19.10 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 underperformed the market over the past one month till 28 February 2014, falling 9% compared with the Sensex's 7.57% rise. The scrip had also underperformed the market in past one quarter, sliding 26.86% as against Sensex's 4.4% rise.

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

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.

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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