Vascon Engineers zooms 8% on Rs 357 cr order win; up 240% so far in FY24

The company received a Letter of Intent worth Rs 356.78 crore from Municipal Secretary's Department of Pimpri-Chinchwad for construction of General Hospital Building in Pune.

Shares of Vascon Engineers zoomed 8 per cent to a high of Rs 80.58 on the BSE in Tuesday's intra-day trades after the company said it won another order worth Rs 356.78 crore.

At 10:40 AM, the stock traded 4.5 per cent higher at Rs 77.90 on trades of around 1.54 lakh shares so far. Meanwhile, the S&P BSE Sensex quoted 0.4 per cent higher at 65,912.

According to a release issued by the company to the BSE, Vascon Engineers has received Letter of Intent from Municipal Secretary's Department of Pimpri-Chinchwad Municipal Corporation, Pune amounting to Rs 356.78 crore for construction of General Hospital Building for PCMC Hospital Pimpri-Chinchwad, Pune (Maharashtra).

Earlier this month, in an exchange filing, the company said it signed its second Redevelopment Project for Prakash Co-Operative Housing Society located at Santacruz (West), Mumbai for a total construction area of approximately 211,000 square feet.

For the quarter ended September 2023m, the company had reported a 9.3 per cent dip in net profit at Rs 1.97 crore when compared with Rs 2.17 crore in the corresponding quarter a year ago. Total income was down 3.4 per cent year-on-year at Rs 17.64 crore from Rs 18.26 crore.

So far in the fiscal year 2023-24, the stock has zoomed 240 per cent from levels of Rs 24.85 level. In comparison, the NSE Nifty has rallied 14 per cent.