Vascon Eng on a roll!

Vascon Engineers is on a roll! The stock was up yesterday 5% just before the market closed, when it announced receipt of its new order. And today too, the same euphoria on the counter continues despite the overall despondent moods on the street. The stock is currently up over 10.5% at Rs.20.95 with an intra day high at Rs.21.40. Volumes are huge at 58,000 shares traded today morning compared to 16,000 shares over past 2W average. Its 52-week high is at Rs.33.75.

The company announced yesterday that it has received an Engineering Procurement and Construction (EPC) order of Rs.286 crore from Uttar Pradesh Housing & Development Board for construction of multi storied residential finished flats (including all developmental work inside the campus) , in Lucknow.

The company has been posting losses constantly for the past few quarters – Q4FY15 net loss was at Rs.73 crore, Q3 loss was at Rs.42 crore, Q2 loss was at Rs.22 crore, Q1 loss was at Rs.7 crore and even prior to that, it was losses all the way.