Vascon Engineers receive LoA for order worth Rs 131.53 crore

The shares of Vascon Engineers were trading in green on Friday after the company announced that it had received a Letter of Acceptance (LoA) for a work order amounting to Rs 131.53 crore from Mumbai Metro Rail Corporation (MMRC), a joint venture of the Government of India (GOI) and the Government of Maharashtra.

The work order received is for the construction of residential-cum-commercial high rise building at Kalbadevi in Mumbai, related to the rehabilitation of Line 3 (Mumbai Metro) and has to be completed within 54 months from the date of signing of the agreement.

The company clarified that none of its promoters has any interest in the aforesaid work and that it did not fall under the ambit of related party transactions.

Vascon Engineers Limited is Engineering, Procurement and Construction (EPC) Company. The company's principal activities include real estate development and hospitality. It has a presence in Karnataka, Uttar Pradesh, Tamil Nadu, Punjab, Maharashtra and Goa.

At 3 pm on Friday, the stock was trading at Rs 15.75, up by 5.70 per cent or Rs 0.85 per share. The 52-week high is recorded at Rs 18.87 and the 52-week low is Rs 10 on BSE.