Vascon Engineers spurts as board to consider rights issue

Vascon Engineers jumped 12% to Rs 28 at 11:25 IST on BSE after the company said that a meeting of the board of directors of the company will be held on 20 October 2014, to consider rights issue of shares.

The company made the announcement after market hours on Friday, 10 October 2014,

Meanwhile, the BSE Sensex was down 131.57 points, or 0.5%, to 26,165.81.

On BSE, so far 4,193 shares were traded in the counter, compared with an average volume of 2,592 shares in the past one quarter.

The stock hit a high of Rs 28.90 and a low of Rs 26 so far during the day. The stock hit a 52-week high of Rs 34.95 on 3 July 2014. The stock hit a record low of Rs 13.50 on 19 February 2014.

The stock had underperformed the market over the past one month till 10 October 2014, falling 8.59% compared with Sensex's 2.81% decline. The scrip had also underperformed the market in past one quarter, declining 23.31% as against Sensex's 3.64% rise.

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

The company will announce its Q2 results on 20 October 2014.

Vascon Engineers reported consolidated net loss of Rs 8.97 crore in Q1 June 2014 compared with a consolidated net loss of Rs 4.47 crore in Q1 June 2013. Total income rose 11.6% to Rs 142.08 crore in Q1 June 2014 over Q1 June 2013.

Vascon Engineers has more than 25 years of experience, 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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