Vascon Engineers rises after residential project gets good response

Vascon Engineers rose 1.25% to Rs 48.45 at 9:41 IST on BSE after the company said it sold 85% of the units in its new residential project in Pune on the day of its launch.

The announcement was made after market hours yesterday, 15 January 2018.

Meanwhile, the S&P BSE Sensex was up 82.98 points, or 0.24% to 34,926.49.

On the BSE, 1.23 lakh shares were traded in the counter so far, compared with average daily volumes of 5.35 lakh shares in the past two weeks. The stock had hit a high of Rs 49 and a low of Rs 47.20 so far during the day. The stock hit a 52-week high of Rs 58.80 on 15 May 2017. The stock hit a 52-week low of Rs 28.20 on 11 August 2017.

Vascon Engineers announced that it sold 68 units, or 85% of the units, in its new residential project 'Forest Edge' on the day of its launch. The project is located at Kharadi in Pune. Its first tower consists of 80 units. It was launched on the auspicious occasion of Makar Sankranti.

Forest Edge is a joint venture between Vascon, Clover Builders and Shree Madhur Realtors with Vascon having a 50% share in the project.

Net profit of Vascon Engineers rose 139.68% to Rs 1.51 crore on 14.97% decline in net sales to Rs 54.60 crore in Q2 September 2017 over Q2 September 2016.

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 across EPC and its own real estate projects.

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