Shares of this IT company touched 20 per cent upper circuit level. Do you own it?

The stock has shown good traction this year, with the company giving more than 85 per cent returns to its investors on an annual basis and more than 45 per cent in the last 6 months

On Tuesday, shares of Dev Information Technology rallied 20 per cent to touch the upper circuit level of Rs 132.65. The scrip witnessed a massive spurt in volume by more than 19.91 times. The stock witnessed some profit booking and closed 12.62 per cent up at Rs 124.50.

The company informed the exchange, through its press release, that it has sold 5.45 per cent of its equity holding in Dev Accelerator Pvt. Ltd. ( DevX) , a managed co-working space business, at a valuation of 104 crore. This secondary sale will bring down DEV IT’s shareholding in DevX from 41.26 per cent to 35.81 per cent. This will not only help unlock the valuation for shareholders of Dev IT but also help the company invest in new-age businesses like Blockchain, AI and ML, amongst others for the growth of its core business.  

Dev Information Technology (Dev IT) is a technology solutions provider delivering Digital Transformation, leveraging Cloud, Automation and Data Technologies. The company’s core services include application development and infrastructure development. It has a global footprint with 500+ customers in 20+ countries. The company’s clients include Attom Solutions, the Government of Gujarat, Harsha Engineers, Gruber Logistics, Playstation, etc.  

The stock has shown good traction this year, with the company giving more than 88 per cent returns to its investors on an annual basis and more than 43 per cent in the last 6 months. Keep a close eye on this trending IT stock.