Stock Market Today: Dev IT shares have been on an upward trend for the past two consecutive sessions. The small-cap IT stock rose more than 5% on Wednesday and continued to rise on Thursday. Dev IT shares opened higher today. ₹It reached an intraday high of 125.50. ₹135.01 per share on the NSE, registering an intraday rise of nearly 10 per cent within minutes of the stock market opening.
Dev IT stock price trigger
IT stocks have risen in the past two sessions after the small company announced a major order worth $1 million. ₹“We are pleased to announce that Dev Information Technology Ltd (DEVIT) has secured noteworthy orders worth a cumulative total of Rs 800 crore,” Dev IT said in a stock exchange filing on Tuesday. ₹ Approximately Rs 80 crore. These work orders are towards the provision of SQL Server Enterprise and Windows Server to further enable various key software solution applications specific to Gujarat Chief Minister’s Office Dashboard application and many other departments of the Gujarat Government hosted at the Gujarat Data Centre.’This development is expected to have a significant impact on the growth trajectory of Dev IT.
Commenting on the terms of the order, Dev IT said, “Dev Information Technology Ltd (DEVIT) has bagged a notable order to supply SQL Server Enterprise and Windows Server to further enable the Dashboard application of the Gujarat Chief Minister’s Office and various other key software solution applications specific to many other departments of the Gujarat Government hosted at the Gujarat Data Centre.”
The mid-market company added that domestic orders are fixed cost. The company said the time frame for orders/contracts to be executed ranges from around six months to two years.
As per the shareholding of Dev IT Company during January-March 2024, the promoters of the company have demonstrated their long-term commitment by purchasing 848,030 shares, resulting in their stake increasing to 770.20% from 67.53% in Q4FY24. This significant increase in stake reaffirms their confidence in the future of the company.
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