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Vascon Engineers gains 6% on sale of subsidiary#39;s Mumbai division

November 17
12:05 2017
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Shares of Vascon Engineers added 6.4 percent intraday Friday on the back of sale of subsidiary’s Mumbai division.

The board of directors of GMP Technical Solutions, a material subsidiary of Vascon Engineers has approved slump sale of its Mumbai division.

The company signed a business transfer agreement on November 16 with Innovative Core Systems (acquirer) to sell and transfer its stake held in Mumbai division for a consideration of Rs 18 crore.

The share touched its 52-week high Rs 58.80 and 52-week low Rs 27.50 on 15 May, 2017 and 27 December, 2016, respectively.

Currently, it is trading 35.71 percent below its 52-week high and 37.45 percent above its 52-week low.

The company’s trailing 12-month (TTM) EPS was at Rs 0.30 per share. (Sep, 2017). The stock’s price-to-earnings (P/E) ratio was 126.

At 11:13 hrs Vascon Engineers was quoting at Rs 37.80, up Rs 1.20, or 3.28 percent on the BSE.

Posted by Rakesh Patil

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