This stock is up 11x from its Covid-19 lows, but trades below its IPO price

Shares of Vascon Engineers Ltd. are trading with gains of close to 10% on Tuesday, September 16, marking the fifth day of gains for the stock in the last six trading sessions.

The gains in Tuesday's trading session have come on volumes that are the highest on record in Vascon's 15-year trading history. Over 4.5 crore shares of Vascon have changed hands, which is higher than the 20-day average of 15 lakh.

Having made its stock market debut in February 2010, at an IPO price of ₹165, shares of Vascon gave up most of their value, by the turn of the decade, falling to as low as ₹6, during the Covid-19 pandemic.

If one compares returns from the Covid-19 lows, the stock is up over 10x. However, it still trades below its IPO price. The company has never delivered a bonus issue to its shareholders, nor carried out a stock split, as the face value of the share remains at ₹10.

At the end of the June quarter, Vascon's promoters had a 31% stake in the company, while the rest belonged to public shareholders.

While Vascon does not have any major institutional shareholding, market veteran Vallabh Bhanshali is listed as a shareholder with a 1.01% stake. Barclays Wealth Trustees India Pvt. Ltd. is also among the public shareholders, with a 2.25% stake.

Shares of Vascon Engineers are trading 8.8% higher at ₹63.64. The stock is up nearly 30% in the last one month, as a result of which the stock has turned positive on a year-to-date basis.