IT stock engaged is in the business of providing IT-enabled services leveraging Cloud, Automation, and Data technologies jumped upto17 percent after Shri PM Narendra Modi launched SWIT software developed by it.
Price action
With a market capitalization of Rs. 332 Crores, the shares of Dev Information Technology Limited were trading at Rs. 148 per equity share, up 15 percent from its previous day’s close price of Rs. 127.95.
What Happened
The International Financial Services Centres Authority (IFSCA) took a significant step towards streamlining and accelerating the process of establishing businesses in India’s international financial services centres (IFSCs).
Following this under the IFSCA’s able guidance and supervision team Dev Information Technology Limited developed the online platform termed Single Window IT System (SWIT) and it was officially inaugurated by the Honourable Prime Minister, Shri Narendra Modi, on 16th September 2024 in Ahmedabad.
SWIT is a state-of-the-art online platform designed to offer a seamless and efficient experience for entities seeking to set up operations in these specialized financial zones.
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The platform simplifies bureaucratic procedures and improves transparency, enabling faster, more efficient processes for companies. This innovation greatly enhances India’s appeal as a global financial hub by significantly reducing the time and effort required to start operations in the IFSCs.
The successful development of SWIT demonstrates Dev IT’s ability to deliver cutting-edge digital solutions. This achievement not only solidifies the company’s leadership in digital transformation but also opens the door for high-impact projects across various sectors such as healthcare, e-governance, and retail, where streamlined systems can enhance operational efficiency.
About the Company
Dev Information Technology Limited is an IT-enabled Technology Solutions Provider which delivers Digital Transformation leveraging Cloud, Automation, and Data technologies.
It offers a comprehensive end-to-end range of services, including Cloud Services, Digital Transformation, Enterprise Applications, Managed IT Services, and Application Development. Its products comprise Talligence, an analytics platform, and ByteSigner, a digital signing solution.
Financials & Ratios
Its Revenue from operations declined by 42 percent from Rs. 60.46 Crores in Q1FY24 to Rs. 35.46 Crores in Q1FY25, accompanied by profits of Rs. 1.83 Crores to Rs. 3.71 Crores.
In terms of Return ratios, it has reported a return on equity (ROE) of 19.2 percent, and a return on capital employed (ROCE) of 22.8 percent. It has reported a debt-to-equity ratio of 0.26.
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Written by: Bharath K.S
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