Promoters bought 8,48,030 shares of this multibagger IT-stock: Company bags new order worth Rs 4,41,00,000 from Lilikoi Holdings, Inc

The is up by 28.5 per cent from its 52-week low of Rs 90.35 per share and gave multibagger returns of 313 per cent in just 3 years.

Dev Information Technology Ltd informed that the company has bagged a fresh new order worth USD 0.55 million or Rs 4,41,00,000 approx. from Lilikoi Holdings, Inc. The scope of work involves the development of custom software tailored to the specific needs of one of Lilikoi's subsidiary companies.

Additionally, DEV IT will deploy a dedicated team of 40+ highly skilled professionals to oversee, streamline, and bolster the IT infrastructure across Lilikoi's group and network entities. DEV IT's state-of-the-art 24x7 network operations centre will facilitate this comprehensive support, showcasing the commitment to seamless operations and technical excellence. Looking ahead, DEV IT anticipates a surge in international opportunities driven by the Lilikoi acquisition, setting the stage for further growth and collaboration on a global scale.

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.

Today, shares of Dev Information Technology Ltd hit a 5 per cent upper circuit to Rs 116.10 per share from its previous closing of Rs 110.60 per share. In the recent trading sessions, the stock has been hitting back-to-back upper circuits.  

As of December 2023, the promoters of the company bought 8,48,030 shares and increased their stake to 71.31 per cent compared to 67.48 per cent in September 2023. The is up by 28.5 per cent from its 52-week low of Rs 90.35 per share and gave multibagger returns of 313 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.