Vascon Engineers share price hits upper circuit after bagging construction order in Mumbai

Vascon Engineers | Acuite reaffirmed its credit rating on bank facilities/debt instruments of the company. (Image: vascon.com)

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Vascon Engineers share price hit 5 percent upper circuit on BSE on December 9 after the company received work order from M/s Transcon-Sheth Creators Private Limited for construction of composite sale building in Mumbai.

"Vascon Engineers Limited has received work order from M/s Transcon-Sheth Creators Private Limited for construction of composite sale Building No. 3 Rehab, Malad, Mumbai amounting to Rs 37.74 crore," the company said in an exchange filing.

"The work has been awarded on ‘Lump sum Basis’. The work has to be completed within 27 months from the date of receipt of this Work Order," it said.

The stock was trading at Rs 14.32, up Rs 0.68, or 4.99 percent, at 09:28 hours. It has touched an intraday high of Rs 14.32 and an intraday low of Rs 14. There were pending buy orders of 35,709 shares, with no sellers available.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages. The company has low debt and has been effectively using shareholders fund - Return on equity (ROE) improving since last 2 years.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.