Multibagger IT-Stock Hit 52-Week High After Board Announces Stock Split From Rs 5 to Rs 2 & Wins Prestigious Contract with Bhavnagar Municipal Corporation
The is up by 83 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of over 500 per cent in just 3 years.
On Monday, shares of Dev Information Technology Ltd surged 15.2 per cent and made a new 52-week high of Rs 185 per share from its previous closing of Rs 160.60 per share. At the closing bell, shares of the company were trading at Rs 172.05 per share, up 7.13 per cent with a spurt in volume by more than 2.42 times on BSE.
stock split Update: Dev Information Technology Limited's Board of Directors convened a meeting on Monday, November 25, 2024, at 10:30 AM via audio-video conferencing. Among other matters, the board deliberated and approved the subdivision/split of the company's existing equity shares. Each ₹5 equity share will be divided into a specific number of ₹2 equity shares.
Order Update: DEV Information Technology Limited (DEVIT), a global IT and ITES company, has secured a new order worth approximately ₹84.5 lakh from Bhavnagar Municipal Corporation. This order entails the Annual Maintenance and Development of the Online Property Tax System. DEVIT will be responsible for ensuring the system's smooth functioning, implementing new features, and enhancing its user experience. This project underscores DEVIT's commitment to providing innovative technological solutions to the public sector and its ability to strengthen digital infrastructure, making it more efficient and citizen-friendly.
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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 387 crore. The is up by 83 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of over 500 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.