Promoters bought 8,48,030 shares: This multibagger IT-company bags new orders worth Rs 8,00,00,000 from Chief Minister of Gujarat

The is up by 31.24 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of over 360 per cent in just 3 years.

Dev Information Technology Ltd (DEVIT) has secured significant orders worth approximately Rs 8 crore from the Gujarat government (CMO Office, Gujarat) to provide SQL Server Enterprise & Windows Server. These softwares will be used to support the Gujarat Chief Minister Office's Dashboard Application and various other key software solutions used by other departments, all hosted at the Gujarat State Data Centre. This domestic, fixed-cost contract is expected to be completed within a timeframe ranging from approximately 6 months to 2 years. It is important to note that there is no conflict of interest, as neither the promoter/promoter group nor group companies have any stake in the entity awarding the order, and therefore this does not qualify as a related party transaction.

Dev Information Technology Ltd (DEV IT) secured a new order worth approximately USD 0.55 million (Rs 4,41,00,000) from Lilikoi Holdings, Inc. This project involves developing custom software for one of Lilikoi's subsidiaries and deploying a dedicated team of over 40 skilled professionals to manage and improve Lilikoi's IT infrastructure across its group and network entities. DEV IT's 24/7 network operations centre will support this comprehensive service, demonstrating its commitment to smooth operations and technical expertise. DEV IT expects this collaboration with Lilikoi to open doors to more international opportunities, paving the way for further global expansion and partnerships.

Dev Information Technology, founded in 1997, offers a variety of IT solutions including cloud services, digital transformation, enterprise applications, managed IT services, and application development. They also have their own AI/ML-powered business intelligence solution and a product for digitally signing documents. The company has partnered with major tech companies like Microsoft, Amazon Web Services, and Adobe.

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Today, shares of Dev Information Technology Ltd gained 6.46 per cent to Rs 123.50 per share from its previous closing of Rs 116 per share. The stock’s 52-week high is Rs 174.10 while its 52-week low is Rs 94.10.

As of March 2024, the promoters of the company bought 8,48,030 shares and increased their stake to 770.20 per cent compared to 67.53 per cent in March 2023. The is up by 31.24 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of over 360 per cent in just 3 years. Investors should keep an eye on this IT stock.

Disclaimer: The article is for informational purposes only and not investment advice.