Small cap stock, Vascon Engineers is showing a lot of action today morning, with volumes showing a jump of almost 6 times. The stock price surged over 14.5% in opening bell session to Rs.16.45 and continues to remain firmly in the green.
The reason for this surge is receipt of a new order. The company has received Work Order from Airport Authority of India, a Domestic Entity for the work of Building the Airport including Civil Finishes and MEP at Adampur.
This is on design and build basis amounting to Rs. 83.52 crores (excluding GST).
The work has to be completed within 12 months from the 10th date of issue of Work Order (i.e. 26th February, 2019).
Vascon Engineers is into EPC and realty. It had ended 9MFY19 with a net profit of Rs.8.35 crore while it had posted a net profit of Rs.11.39 crore for FY18. Thus it looks like it could end current fiscal on a much higher note.