Rs 2,00,00,000 order bagged from RajCOMP Info Services Ltd & Promoters bought 8,48,030 shares: Multibagger IT-stock to keep under the radar!
The is up by 53 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of 400 per cent in just 3 years.
Dev Information Technology Ltd (DEVIT) has been awarded a significant contract by RajCOMP Info Services Ltd for the design, development, implementation and maintenance of a holistic integrated portal and application called "Kaushal Darpan". This portal will serve over 140 polytechnic colleges and 1,500 ITIs under the Rajasthan technical education departments, offering features like admission and examination management, apprenticeship and placement facilitation, inventory tracking, institution management, and a trainee management system. The contract includes operating and maintaining the portal for 3 years, with a project value of approximately Rs 2 crore.
Earlier, secured significant orders worth approximately Rs 8 crore from the Gujarat government (CMO Office, Gujarat) to provide SQL Server Enterprise & Windows Server. This software 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.
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On Tuesday, shares of Dev Information Technology Ltd plunged 1.03 per cent to Rs 144.01 per share from its previous closing of Rs 145.60 per share. The stock’s 52-week high is Rs 174.10 while its 52-week low is Rs 94.10. The shares of the company saw a spurt in volume by more than 3.60 times on BSE.
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.
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 53 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of 400 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.
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