Vascon Engineers shares hit 52-week high on bagging Rs 606-crore order

Shares of Vascon Engineers zoomed 9% to a fresh 52-week high in early deals today after the civil construction firm said it has received a letter of acceptance amounting to Rs 605.65 crore from Bihar Medical Services & Infrastructure Corporation Ltd for the construction of Lohia Medical College & Hospital including hospital and residential building, Supaul.  

Vascon Engineers stock rose 9% to a yearly high of Rs 65.57 on BSE. Market cap of the firm climbed to Rs 1364.75 crore.   

Total 9.79 lakh shares of the firm changed hands amounting to a turnover of Rs 6.22 crore on BSE. The stock fell to a 52-week low of Rs 23.25 on August 24, 2022.  

The large cap stock has gained 163% in one year and gained 76.40% since the beginning of this year.   

In terms of technicals, the relative strength index (RSI) of the Vascon Engineers stock stands at 73.4, signaling it's trading in the overbought zone. Vascon Engineers shares have a beta of 1.5, indicating very high volatility in a year. Vascon Engineers shares are trading higher than the 5 day, 10 day, 20 day, 50 day and 200 day moving averages. 

The work has been awarded on 'EPC basis'.  

“The work has to be completed within 36 months from the date of receipt of Letter of Acceptance. None of the Promoter/Promoter Group has any interest in the aforesaid work. Further ahead, the aforesaid work doesn't fall under the ambit of related party transactions,” said Vascon Engineers in a communication to BSE.  

Vascon Engineers is a construction engineering company. The company is engaged in the business of engineering, procurement and construction services (EPC), real estate development and manufacturing of clean room partitions. Its segments include EPC, real estate development and manufacturing & BMS.  

 

Also read: BHEL, Hindustan Aeronautics, Midhani: How should you trade these buzzing stocks?

Also read: Hot stocks on August 24, 2023: Jio Financial, Federal Bank, Vascon Engineers, Bajaj Hindusthan, Tata Communications and more