Shares of this IT stock under the ‘micro-cap’ category jumped approximately 4 percent in Thursday’s trading session after the company successfully secured an order from its Promoter Group Entity worth Rs 4.41 crores.
With a market capitalization of Rs 233.52 crores, the stocks of Dev Information Technology Limited started their trading session on Thursday at Rs 102.35 and currently trades at Rs 105.50, gaining around 4 percent compared to the previous closing price of Rs 101.90 apiece.
Such bullish stock price movements were observed today after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated about the receipt of an order worth Rs 4.41 crores from “Lilikoi Holdings Inc.”, a US-based firm.
Lilikoi Holdings Inc. is also one of the Promoter Group members that initiated its inaugural work order with Dev Information Technology Limited.
The work order mentioned above involves the development of custom software and will also deploy a dedicated team of skilled professionals to oversee, bolster, and streamline the IT infrastructure across Lilikoi’s group and other network entities. The time period decided for the order to be executed is approximately three to four months.
According to the latest shareholding pattern data available for the December 2023 quarter, Lt1 Inc, a wholly-owned step-down subsidiary of Lilikoi Holdings Inc., holds around 8.48 lakh equity shares of the IT company equivalent to a 3.83 percent stake.
During the recent financial quarters, the company’s basic business indicators, viz, its operating revenues as well as after-tax profits, showed some positive movements with the former rising from Rs 27.95 crores during Q2FY24 to Rs 31.74 crores during Q3FY24, and the latter, during the same period, shifted from Rs 1.66 crores to Rs 1.71 crores.
In addition to the above, the company’s ratio analysis portrays decent numbers of return ratios during FY23 with the return on equity (RoE) reported at 21.60 percent and the return on capital employed (RoCE) at 27.78 percent.
Dev Information Technology Limited is engaged in the business of providing IT solutions and consultancy services in India. It also offers advisory, implementation, architecture, and
support services. The company’s services include infrastructure management, cloud computing, and licensing among others.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
