Vascon Engineers bags PMAY order, stock jumps 3 per cent

Vascon Engineers today gained 3 per cent on the bourses as the company received letter of award (LOA) from Pune Municipal Corporation for construction of affordable housing project under the Pradhan Mantri Awas Yojana at Wadgaon in Pune.

The project is on ‘sale and rehab building’ on design and build basis.

The project order is worth to Rs. 104 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 it has registered order intake of Rs 226 crore in 9MFY19.

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

The stock of Vascon Engineers closed at Rs. 16.59, up by Rs. 0.44 or 2.72 per cent from its previous closing of Rs. 16.15 on the BSE. The scrip opened at Rs. 16 and has touched a high and low of Rs. 16.70 and Rs. 15.60, respectively. The stock had hit 52-week high of Rs. 34.85 on May 29, 2018 and a 52-week low of Rs. 12.51 on May 14, 2019.