Stock Split Likely To Be Announced On November 25: Multibagger IT-Company Bags New Order Worth Rs 84,50,000 From Bhavnagar Municipal Corporation
The is up by 71 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of 473 per cent in just 3 years.
On Friday, shares of Dev Information Technology Ltd surged 10.12 per cent to an intraday high of Rs 168.10 per share from its previous closing of Rs 152.65 per share. The stock’s 52-week high is Rs 177.40 while its 52-week low is Rs 94.10. At the closing bell, shares of the company were trading at Rs 160.60 per share, up 5.21 per cent.
Dev Information Technology Ltd (DEVIT) has secured a significant contract from the Bhavnagar Municipal Corporation, a state entity. The contract, valued at approximately Rs. 84.5 Lakhs, is a fixed-cost deal for the Annual Maintenance and New Development of the Online Property Tax System. This includes both the Carpet Method and Old Taxation Method systems. The contract is domestic and is expected to be executed over a period of approximately 3-4 years.
Dev Information Technology Limited will convene an Extra Ordinary General Meeting (EGM) on Monday, November 25, 2024, at 10:30 AM through an audio-video conferencing mode. The primary agenda item of this EGM is to consider and approve a proposal for the sub-division or stock split of the company's existing shares with a face value of Rs 5 each, fully paid-up. The specific details of the sub-division, including the ratio of split, will be determined by the Board of Directors, subject to the necessary approvals from the shareholders and other relevant authorities.
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About the Company
Founded in 1997, Dev IT has grown from a small-scale software provider to a global IT powerhouse. With a strong foundation in India and offices worldwide, the company offers many services, including cloud solutions, digital transformation, and enterprise applications. Known for its commitment to innovation and quality, Dev IT empowers businesses with cutting-edge technology. Their products, such as Talligence and ByteSIGNER, provide valuable tools for data analysis and document management. By understanding their client's unique needs, Dev IT delivers tailored solutions that drive business growth and success.
According to the Quarterly Results, the total income increased by 62 per cent to Rs 48.24 crore and net profit increased by 391 per cent to Rs 8.07 crore in Q2FY25 compared to Q2FY24. In FY24, net sales increased by 32 per cent to Rs 163.58 crore and net profit increased by 5 per cent to Rs 9.48 crore compared to FY23.
The company has a market cap of Rs 361 crore. The is up by 71 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of 473 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.