Vascon Engineers shares surged 4.98% to ₹34.98 following the announcement of a significant new contract award. According to reports from Business Standard, the company received a Letter of Intent worth ₹131.58 crore from Reliance Industries for construction works at its Jamnagar expansion project. The order involves the construction of four G+12 FLL-type buildings for Sector-3 at the RG Expansion Project, Jamnagar, with the contract awarded on a Bill of Quantities (BOQ) basis.
As reported by Business Standard, the construction work is scheduled to be completed within 19 months from the date of receipt of the order. The company confirmed that the order has been awarded by a domestic entity, with the nature of the contract classified as domestic. This timeline provides clarity on the project execution schedule and the company's revenue recognition expectations.
The stock surge comes amid broader market gains, with the S&P BSE Sensex advancing 323.43 points or 0.43% to 75,648.93 and the Nifty 50 index adding 93.75 points or 0.44% to 23,753.15 in early morning trade. According to PTI, the IT sector has shown particular strength, with the Nifty IT Index rallying 3.67% to 27,430.30 and rising for three consecutive trading sessions. Notable IT stock performances include Coforge (up 4.5%), Infosys (up 4.04%), and Tech Mahindra (up 3.68%).
The market performance comes against the backdrop of rising fuel prices, with petrol and diesel rates increasing by up to 90 paise per liter across major cities, marking the second hike in less than a week. In Delhi, petrol prices rose by 87 paise to ₹98.64 per litre while diesel increased by 91 paise to ₹91.58 per litre. The rupee also depreciated to 96.3350 against the dollar compared to its previous close of 96.2000, touching an all-time intraday low of 96.3850 in early trade.
