Shares of Vascon Engineers Ltd skyrocketed 13% on Monday, 29 September, after the company announced that it had signed a Memorandum of Understanding (MoU) with Adani Infra (India) Ltd to collaborate as an executive partner under an early engagement model for five years.

According to the agreement, Vascon Engineers will work with Adani on selected projects beginning with the design stage, providing seamless integration of design and execution.

Vascon Engineers stated that it intends to work with Adani Group on projects, which will account for more than 30% of its yearly revenue. The collaboration is intended to be a long-term strategic partnership, with the scope and performance of the arrangement assessed on an annual basis, it said.

Vascon’s stock market debut was in February 2010, with an IPO price of Rs 165. By the turn of the decade, shares had lost most of their value, plummeting to as low as Rs 6 amid the Covid-19 pandemic.

When comparing returns since the Covid-19 lows, the stock has increased by more than tenfold.  However, it is still trading below its IPO price. The corporation has never issued a bonus to shareholders or conducted a stock split, as the share face value remains at Rs 10.

At 12:01 pm, the shares of Vascon Engineers were trading 8.83% higher at Rs 62.99 on NSE.

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