Vascon Engineers saw its shares surge nearly 4% after the construction engineering company announced the acquisition of a Rs 416 crore contract from Capgemini Technology Services India Ltd. 

Shares of Vascon Engineers hit an intraday high of Rs 91.60, up 3.9% from its previous closing price on the National Stock Exchange (NSE). However, the stock lost all early gains and closed 3.18% lower at Rs 85.30. 

In an exchange filing dated January 23, Vascon Engineers said that it had received a Letter of Award from Capgemini Technology for a project worth Rs 416 crores (excluding GST) for construction contracting works for the Chennai Sipcot Base Built Construction Project in Chennai, Tamil Nadu. 

The contract has been awarded on an engineering, procurement and construction (EPC) basis. The work has to be executed within 30 months from the date of the Award. 

Incorporated in 1986, Vascon Engineers operates as a diversified infrastructure and construction engineering company focusing on EPC projects in multiple sectors. The company has delivered more than 200 commercial, industrial and residential projects.