The share price of Vascon Engineers jumped 4% as the construction and real estate development firm secured a contract worth Rs 661 crore for the development of an office facility in Bengaluru. The project is scheduled to be completed within 30 months from the date of site handover.
Vascon Engineers: Project details
Under the scope of work, Vascon Engineers will carry out the works for an office site comprising three basements, ground floor plus 12 floors and associated infrastructure work in Bengaluru, Karnataka.
Qualcomm India Private has awarded this design, build and GMP contract to Vascon, and its total value, including taxes, stands at Rs 660.79 crore. The project will be completed within 30 months from the date of execution.
“We are pleased to inform that Vascon Engineers Limited has received work order amounting to Rs. 660.79/- (Rupees Six Hundred & Sixty Crore and Seventy-Nine Lakhs only) (Including Taxes) from Multinational IT Company Qualcomm India Private Limited for “Development of an office facility (Block K) comprising three basements, Ground + 12 floors, and associated infrastructure at Bengaluru,” the company said in its exchange filing.
The order is domestic in nature and does not include related party transactions, nor do the company’s promoter groups/ group companies have an interest in the awarding entity.
Vascon Engineers share price
In Friday’s intraday trade the share price of Vascon Engineers was up over 4%, while over the past one month its stock has delivered a return of more than 12%. Over the past six months, its share price has advanced by 11%, while over the past one year its stock has declined by 44%.