Vascon Engineers spurted 10.64% to Rs 39 at 14:15 IST on BSE after the company announced that it has received letter of award amounting to Rs 235.76 crore.
The announcement was made during market hours today, 18 September 2017.Meanwhile, the S&P BSE Sensex was up 215.59 points or 0.67% at 32,488.20. The S&P BSE Small-Cap index advanced 188.40 points or 1.13% at 16,876.16.
Spurt in volumes was witnessed on the counter. On the BSE, 9.46 lakh shares were traded on the counter so far as against the average daily volumes of 2.45 lakh shares in the past one quarter. The stock had hit a high of Rs 41.20 and a low of Rs 36.35 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 outperformed the market over the past one month till 15 September 2017, gaining 5.07% compared with the 2.62% gains in the Sensex. The scrip had, however, underperformed the market in past one quarter, dropping 17.74% as against Sensex's 3.85% gains. The stock had also underperformed the market over the past one year, losing 2.62% compared with the 13.58% gains in the Sensex.
The small-cap company has equity capital of Rs 167.66 crore. Face value per share is Rs 10.
Vascon Engineers said that it has received letter of award (sub-contract) from Shapoorji Pallonji and Company, a domestic entity for the work of civil construction of affordable housing in Adoni Municipal Area and Nandyal Municipal Area of Kurnool District in Andhra Pradesh amounting to Rs 235.76 crore. The work has to be completed within 13 months from the date of receipt of work order.
Vascon Engineers' net profit rose 2.8% to Rs 1.48 crore on 34.7% rise in net sales to Rs 81.38 crore in Q1 June 2017 over Q1 June 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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