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Business News/ Markets / Small-cap IT stock that surged 100% YTD enters Blockchain biz

To expand its scope in providing digital solutions, Dev Information Technology on November 28 announced the acquisition of the blockchain firm, Minddeft Technologies.

The Ahmedabad-based, Minddeft Technologies provides digital solutions leveraging cloud, automation and data and will boost Dev IT's services with the help of block chain technology. It provides blockchain and enterprise solutions with tech-innovations.

On November 29, the Dev IT stock opened higher at 140, but it cooled off to trade flat to negative at 136.30 during the day.

On November 28, the stock hit 52-week of 143.90 after trading ex-stock split on November 25. The company had earlier announced the division of equity shares in a 1:2 ratio from the face value of 10 each to 5 per share.

In 2022 so far, the stock has jumped 100% 

On November 24, HNI Mr Samip Adani bought 60,000 shares of Dev Information Technology via bulk deal, according to data on stock exchanges. Following the HNI investment and the companies stock split, Dev IT shares were trading higher last week on November 25.

The company had a valuation of 135 crore and generated a net revenue of 27.15 crore in the September quarter and is expected to raise its workforce by 50% in the coming years. Its 47 % shares are owned by Gujrat based DevX. The company is a renowned Managed Office Space provider in Gujarat and recently announced its second shared working space in Pune, according to the company information.


The company had earlier collaborated with Adani Institute of Digital Technology Management(AIDTM) and Orena Solutions for providing skill training to IT students and professionals in Cloud, AI/ML, blockchain technology to accelerate their pace of learning with the ongoing digital transformation for better career opportunities.

The company has also collaborated with other Microsoft Partners in APAC region and has been awarded with IAMCP P2P Awards 2022 for the same.

With rapid digitisation of data, blockchain technology is expanding in every field. With the growing utility of this technology the company is expected


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Updated: 29 Nov 2022, 10:07 AM IST
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