FIIs bought 325000 shares after five quarters in this multibagger IT stock - Stock to watch out on Muhurat Trading!
Foreign Institutional Investors (FIIs) have re-entered IT company Dev Information Technology after five quarters, purchasing 3,25,000 shares in the July-September period.
Foreign Institutional Investors (FIIs) have re-entered IT company Dev Information Technology after five quarters, purchasing 3,25,000 shares in the July-September period. With this investment, FIIs now hold a 1.45 per cent stake in the company. The last time FIIs held a stake in the company was in March 2023, when they held 1.72 per cent.
Strong Q1 FY25 results encouraged FIIs to buy shares in the company. During Q1 FY25, the company’s net sales dropped to Rs 35.46 crore from Rs 60.46 crore in Q1 FY24. However, net profit rose impressively by 103.2 per cent to Rs 3.72 crore from Rs 1.83 crore in the previous year’s quarter. For FY24, net sales increased by 32 per cent to Rs 163.58 crore, while net profit grew by 5 per cent to Rs 9.48 crore year-on-year. Additionally, the company recently secured a Rs 4.41 crore order from Lilikoi Holdings, Inc. for software and IT infrastructure development.
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Dev IT has a market capitalization of Rs 321.5 crore. The stock is trading 52 per cent above its 52-week low of Rs 94.10, with a 52-week high of Rs 174.10, and has delivered multibagger returns of 295 per cent over the past three years.
About the Company
Established in 1997, Dev Information Technology offers a range of IT services, including cloud solutions, digital transformation, managed IT services, and enterprise applications. It has developed unique products like Talligence, an AI-powered business intelligence tool, and ByteSigner, a digital signing solution. The company has also partnered with tech leaders such as Microsoft, AWS, and Adobe, strengthening its position in the market.
Disclaimer: This article is for informational purposes only and not investment advice