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IT stocks jump 14% after it receives new order and announces stock split

IT stock jumped 14% after winning a ₹84.5 lakh contract and announcing a stock split, reducing share face value from ₹5 to ₹2, enhancing affordability and market liquidity.
IT stock soars 14% after securing ₹84.5 lakh order and announcing stock split.
IT stock soars 14% after securing ₹84.5 lakh order and announcing stock split.

Introduction:

IT stock surged 14% after announcing a major contract and a stock split. The company secured a ₹84.5 lakh order and proposed reducing share face value from ₹5 to ₹2, enhancing affordability and boosting market liquidity.

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Also Read: Railway stock jumps 8% after it receives order worth ₹837 Cr from Eastern Railway

Share price movement of Dev Information Technology Ltd:

On November 25, 2024, Dev Information Technology Ltd opened at ₹165.20, up 2.87% from ₹160.60. The stock reached a high of ₹185.00 (15.19%) and a low of ₹163.25. By 2:47 PM, it traded at ₹178.00, a 10.83% increase, with a market cap of ₹385.39 crore.

Dev Information Technology stock jumps on new order and stock split:

Dev Information Technology Ltd. (DEVIT) saw a 14% surge in its stock price following the announcement of a new order and stock split. The company secured a significant contract worth ₹84.5 lakh from Bhavnagar Municipal Corporation for its Online Property Tax System.

In addition to the new order, the company’s board approved a stock split, reducing the face value of equity shares from ₹5 to ₹2 each, subject to shareholder approval. This move aims to make shares more affordable for investors, enhancing liquidity and broadening the shareholder base.

Dev Information Technology also scheduled an Extra Ordinary General Meeting (EGM) for December 20, 2024, to seek approval for the stock split and other matters. Shareholders will vote electronically between December 16 and December 19, 2024, to approve these proposals.

Recent news on Dev Information Technology Ltd:

As of 15 November 2024, Mauritius-based Foreign Portfolio Investor Saint Capital Fund acquired a 1.11% stake in Dev Information Technology Ltd, holding 250,000 shares. This was revealed in the company’s September quarter shareholding data, highlighting investor interest.

Stock performance of Dev Information Technology Ltd for Period of 1 week, 6 months and 1 year:

Dev Information Technology Ltd has demonstrated robust performance with a 0.51% return in one week, a remarkable 36.5% gain over six months, and an impressive 26.9% growth in the past year, showcasing its consistent growth trajectory and market resilience.

Also Read : PSU stock jumps 3% after it signs MOU with Seatrium Letourneau USA, Inc.

Shareholding pattern of Dev Information Technology Ltd:

All values in %Sep 2024Jun 2024Mar 2024
Promoter68.70%70.20%70.20%
FII1.50%0%0%
DII0%0%0%
Public29.80%29.80%29.80%
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About the company Dev Information Technology Ltd:

Dev Information Technology Ltd (NSE: DEVIT), incorporated in 1997, focuses on IT-enabled services and digital transformation, providing cloud solutions, cybersecurity, enterprise applications, managed IT services, and custom software development using advanced technologies like automation, data analytics, and blockchain.

Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.

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