Vascon Engineers lost 1.54% to Rs 44.75 at 9:45 IST on BSE, with the stock extending Monday's sharp slide triggered by the company canceling the proposed issuance of compulsorily convertible debentures on preferential basis.
Meanwhile, the S&P BSE Sensex was up 78.64 points or 0.25% at 31,174.34. The S&P BSE Small-Cap index advanced 116.45 points or 0.75% at 15,570.51.
On the BSE, 53.17 lakh shares were traded on the counter so far as against the average daily volumes of 5.33 lakh shares in the past two weeks. The stock had hit a high of Rs 44.70 and a low of Rs 39.05 so far during the day. The stock had hit a 52-week high of Rs 58.80 on 15 May 2017 and a 52-week low of Rs 26.15 on 27 December 2016.
The stock had underperformed the market over the past one month till 12 June 2017, sliding 15.21% compared with the Sensex's 3.01% rise. The stock had, however, outperformed the market over the past one quarter, gaining 24.52% as against the Sensex's 7.43% rise. The scrip had also outperformed the market over the past one year, surging 63.78% as against the Sensex's 16.74% rise.
The small-cap company has equity capital of Rs 167.66 crore. Face value per share is Rs 10.
Shares of Vascon Engineers have declined 21.21% in two trading sessions from its closing of Rs 56.80 on 9 June 2017 after the company announced on Sunday, 11 June 2017 that it has cancelled the proposed issuance of compulsorily convertible debentures on preferential basis. In response to the company's announcement, the stock had tumbled by the maximum permissible level of 20% to settle at Rs 45.45 yesterday, 12 June 2017.
On 27 April 2017, Vascon Engineers proposed preferential allotment of fully compulsorily convertible debentures (CCDs) to Manan Finserve and Vinca Rosea Farms and Properties LLP. However, due to certain differences between the company with the proposed investors, both parties decided to terminate the arrangement. Accordingly, the company has cancelled the proposed preferential allotment of CCDs to the proposed investors.
Vascon Engineers reported net profit of Rs 1.90 crore in Q4 March 2017 as against net loss of Rs 1.48 crore in Q4 March 2016. Net sales declined 25.5% to Rs 57.48 crore in Q4 March 2017 over Q4 March 2016.
Vascon Engineers is an engineering, procurement and construction (EPC) company. It is active In multiple sectors including residential, industrial, IT parks, malls and multiplexes, hospitality and community.
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