Stock market today: Dev IT share price jumps 10% after this order book update

market today: Dev IT share price jumps 10% after this order book update/Bloomberg

MINT | July 4, 2024 | 04:11 PM IST | Breaking News | Follow on Google News

Stock market today: Dev IT share price jumps 10% after this order book update

Stock market today: Dev IT share price jumps 10% after this order book update

Stock market today: The Dev IT share price has been on an uptrend for the last two straight sessions. The small-cap IT stock ended higher on Wednesday by over 5 percent and extended its rally for yet another session on Thursday. Today, the Dev IT share price opened upside at ₹125.50 and touched an intraday high of ₹135.01 apiece on NSE, logging a nearly 10 percent intraday gain within a few minutes of the stock market’s opening bell.

Trigger for Dev IT share price

The IT stock has been rallying for the last two sessions, fueled by the small-cap company’s announcement of a significant order worth ₹8 crore. In an exchange filing on Tuesday, Dev IT shared, “We are pleased to inform you that Dev Information Technology Ltd (DEVIT) have secured noteworthy orders cumulatively worth ₹ 8 crore approximately. These work orders are towards providing SQL Server Enterprise & Windows Server for further enabling Gujarat Chief Minister Office’s Dashboard Application and various other key software solution applications specific to quite a few other Departments of the Gujarat Government hosted in Gujarat State Data Centre.” This development is expected to have a substantial impact on Dev IT’s growth trajectory.

Speaking on the terms and conditions of the order, Dev IT said, “Dev Information Technology Ltd (DEVIT) secured a noteworthy order for providing SQL Server Enterprise & Windows Server for further enabling Gujarat Chief Minister Office’s Dashboard Application, and various other key software solution applications specific to quite a few other Departments of the Gujarat Government hosted in Gujarat State Data Centre.”

The small-cap company added that the domestic order is of a fixed cost. The company said that the period by which the order(s)/contract(s) will be executed is nearly six months to two years.

According to the shareholding pattern of Dev IT company for the January to March 2024 quarter, the promoters of the company demonstrated their long-term commitment by purchasing 8,48,030 shares, thereby increasing their stake to 770.20 percent compared to 67.53 percent in Q4FY24. This significant increase in their stake reaffirms their confidence in the company’s future.

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MINT