Vascon Engineers hits 52-week high on getting contract worth of Rs 262 crore

The LoI received, it said, pertains to planning, designing, construction and maintenance of a Government Medical College at Kanker in Chhattisgarh.

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Vascon Engineers shares hit a 52-week high at Rs 78.50 on October 9 after the infra company announced having received a letter of intent (LoI) for works amounting Rs 262.19 crore from the state-owned Bridge and Roof Company. The LoI received it said pertains to planning, designing, construction and maintenance of a Government Medical College at Kanker in Chhattisgarh. The company is also expected to execute IT networking related works at the site, it said.

“The work has to be completed within 24 months from the date of commencement,” the company said in a regulatory filing on October 9.

At 2.45 pm on the NSE, the Vascon Engineers stock was quoting at Rs 75.15 apiece, up Rs 2.60, or 3.58 percent.

In year-to-date terms, the stock is up nearly 110 percent.

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In its results for the April-June quarter, the company reported a 1.49 percent YoY rise in its revenue from operations at Rs 204 crore. Net profit for the quarter was up 9.09 percent YoY (year-on-year) at Rs 12 crore. The operating profit margins for the quarter contracted by 100 basis points on a yearly basis to 7 percent.

Vascon Engineers specializes in construction, real estate development, and infrastructure projects. The company is engaged in building residential complexes, commercial spaces, IT parks, and industrial facilities.

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