Vascon Engineers gains on order win

The stock of Vascon Engineers gained nearly 8 per cent on Tuesday as the company received Letter of Intent (LoI) from Tycoons Avanti Projects LLP, a domestic entity for construction of ‘Sale & Rehab Building’ on design and build basis.

The said order was amounting to Rs. 172 crore. The work has to be completed within 30 months from the date of receipt of work order. The company’s order book as on 9MFY19 basis stood at Rs. 877 crore and registered order intake of Rs. 226 crore in 9MFY19.

Vascon Engineers Limited is an engineering, procurement and construction (EPC) company engaged into real estate development, hospitality, and manufacturing and building management system (BMS).

At 10:55 hours, the stock of Vascon Engineers was trading at Rs. 16.16 per share, up by 0.79 points or 5.14 per cent from its previous closing of Rs. 15.37 on the BSE. The scrip opened at Rs. 16.30 and has touched a high and low of Rs. 16.57 and Rs. 15.95, respectively. The stock had hit 52 week high of Rs. 36.25 on May 28, 2018 and a 52 week low of Rs. 12.51 on May 14, 2019.