IT stock jumps over 7% after securing work order from Rajya Sabha Secretariat

During Friday’s trading session, the shares of a global IT and ITeS company providing cloud services, digital transformation, enterprise applications, and managed IT services, surged by around 7.5 percent on BSE, after the company announced securing a significant work order from Rajya Sabha Secretariat.

Price Movement

With a market cap of Rs. 296.4 crores, at 02:26 p.m., the shares of Dev Information Technology Limited were trading in the green at Rs. 131.55, up by nearly 5 percent, as compared to its previous closing price of Rs. 125.5.

The stock has delivered negative returns of nearly 8 percent in the last one year, as well as around 24 percent returns in the last one month.

What’s the news

According to the latest regulatory filings with the stock exchanges, Dev Information Technology Limited has secured a significant work order from the esteemed Rajya Sabha Secretariat for the development of application software and a website.

The contract, valued at Rs. 1.48 crores, involves the design, development, implementation, and maintenance of the project over an approximately nine-month period.

Among the presence of multiple empanelled companies under the National Informatics Centre (NIC) in Delhi, Dev Information Technology was selected for this project following thorough due diligence.

The project contributes to the company’s growing involvement in the e-governance sector. Its successful execution is expected to enhance the company’s credibility, open up potential opportunities for government collaborations, and support its expansion within the public sector.

Also read: EMS stock in green after receiving purchase orders worth over ₹53 Cr for supply of PCBA

Previous Orders

3rd February: Dev IT bagged two significant cybersecurity orders from an existing USA-based enterprise client. These contracts will contribute an annual revenue of $250,000 (~Rs. 2 crores) for the company.

The services to be provided include Compliance Guidance and 24×7 Managed SOC Services.

13th February: The company won a contract worth Rs. 1.92 crores from the Gujarat Energy Development Agency (GEDA). The scope of the project includes the scanning and digitization of physical document records, along with the development of a web-based Document Management System (DMS) software for GEDA’s Gandhinagar office.

Financials

Dev Information Technology reported a significant growth in its revenue from operations, showing a year-on-year rise of 50.5 percent from Rs. 31.7 crores in Q3 FY24 to Rs. 47.7 crores in Q3 FY25.

Similarly, its net profit increased during the same period from Rs. 1.7 crores to Rs. 1.82 crores, indicating a marginal growth of around 7 percent YoY.

About the company

Founded in 1997, Dev Information Technology Limited is engaged in the business of providing IT-enabled services in the domestic as well as international markets.

The company offers comprehensive end-to-end IT services, including cloud services, digital transformation, enterprise applications, managed IT services, and application development. its products include talligence, business analytics software that transforms tally accounting data into actionable business insights, and ByteSIGNER, a bulk document signing solution.

Written by Shivani Singh

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