- Shares of Vascon Engineers rose over 10% on Monday, nearing a 52-week high of Rs 65.9
- The stock reached an intraday high of Rs 65.77 and trades at Rs 65.50 currently
- Vascon signed a five-year MoU with Adani Infra for an Early Engagement Model partnership
Shares of Vascon Engineers Ltd. opened with gains of more than 10% on Monday's trade and is currently nearing 52-week high, following the announcement of a pact with Adani Infra.
The stock is currently trading at Rs 65.50, reaching an intraday high of Rs 65.77, which is close to the 52-week high of 65.9. Over a year-to-date period, the stock has given returns of more than 25%.
This rally comes on the back of a recent five-year Memorandum of Understanding (MoU) with Adani Infra, setting up an “Early Engagement Model” partnership.
As part of the deal, Vascon will work with Adani Infra from design-stage to execution, surrounding various projects in Mumbai, the company confirmed in an exchange filing.
(Photo: NDTV Profit)
Why It Is A Big Deal For Vascon
As per the company, three projects in Mumbai has been already identified as part of the collaboration.
The three projects will cover an estimated 13.15 million square feet of development, thus adding to the company's pipeline.
However, most importantly, Vascon Engineers has confirmed that the deal will boost the company's annual turnover by 30% once works begin.
The scope and the performance of the projects that are part of the deal will be reviewed annually, the company confirmed.
Vascon Engineers currently trades at a relatively strength index of just over 50, which suggests neutral market sentiment around the stock.
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