© Reuters.
Vascon Engineers’ stock saw a notable increase of approximately five percent in early trading today, as the company’s shares were quoted at ₹78.70 on the Bombay Stock Exchange (BSE). The rise comes after the company announced it had received a Letter of Intent (LoI) for a hospital construction project worth ₹356.78 crore in the Moshi area of Pune, Maharashtra.
The recent success in securing contracts appears to be a trend for Vascon Engineers, as just last month, they landed a ₹262-crore contract to construct a government medical college in the Kanker district of Chhattisgarh. This follows the company’s report of a reduced quarterly net profit of ₹20.50 crore (INR10 crore = approx. USD1.2 million) for the September quarter of this year.
Despite the dip in quarterly profits, Vascon Engineers’ shares have been on an upward trajectory over the past six months, doubling in value. The current trading price is only seven percent shy of their yearly high and has remarkably rebounded from their lowest point earlier this year, now standing over two hundred thirty percent above that low.
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