Vascon Engg spurts on bagging LoA for two projects.

Vascon Engineers jumped 4.02% to Rs. 19.40 after the company said it has received letter of acceptance for two projects amounting to Rs. 515.63 crore from Uttar Pradesh Public Works Department for establishment of new medical colleges.

The first project entails establishment of new medical college attached with existing District Hospital, Bijnor amounting to Rs. 246.09 crore. The work has been awarded on design and built lumpsum basis. The work has to be completed within 18 months from the date of receipt of letter of acceptance.

The second project is for establishment of new medical college attached with existing District Hospital, Kaushambi amounting to Rs. 269.54 crore. The work has been awarded on design and built lumpsum basis. The work has to be completed within 18 months from the date of receipt of letter of acceptance.

The company's consolidated net profit declined 82.5% to Rs. 5.30 on a 47.9% increase in net sales to Rs. 154.62 crore in Q3 FY21 over Q3 FY20.

Vascon Engineers is engaged in the business of engineering, procurement and construction services (EPC) and real estate development.

BS