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Business News/ Markets / Stock Markets/  Dividend stock: Dev IT declares dividend for third straight year. Share jumps 4%
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Dividend stock: Dev IT declares dividend for third straight year. Share jumps 4%

Dev IT dividend history: The dividend stock has been declaring final dividend since FY22

Dev IT dividend 2024: In Q4FY24, the IT company registered over 23 percent YoY rise in total income during Q4FY24. (Photo: Pixabay)Premium
Dev IT dividend 2024: In Q4FY24, the IT company registered over 23 percent YoY rise in total income during Q4FY24. (Photo: Pixabay)

Dividend stock: Small-cap IT stock Dev Information Technology or Dev IT is one of the dividend-paying stocks of the Indian stock market. The small-cap IT stock's board of directors has declared a 5 percent final dividend for the eligible shareholders. The company board declared this final dividend while considering the company's unaudited financial results for Q4FY24. After the announcement of this final dividend, the small-cap IT company declared a dividend for the third straight year.

Dev IT dividend details

The small-cap IT company, Dev IT, has once again demonstrated its commitment to its shareholders. The Board of Directors has recommended a final Dividend @5% (i.e. 0.25/- per equity share) for the year ended 31st March, 2024, subject to the approval of shareholders in the ensuing Annual General Meeting. This dividend declaration is a testament to our dedication to sharing our profits with our valued shareholders, while maintaining a healthy financial position.

Dev IT dividend history

This is the IT company's third dividend in successive years. The company had declared 0.25 per share or 5 percent final dividend in 2023. The IT stock traded ex-dividend on 22nd September 2023 to finalize the list of eligible shareholders for payment of 0.25 per share final dividend. Likewise, the It stock traded ex-dividend on 22nd September 2022 for the payment of 0.50 or 10 percent final dividend.

Dev IT Q4 results 2024

The company board declared 5 percent final dividend for FY24 while discussing and approving the Q4 results 2024. In Q4FY24 results, Dev IT announced a total income of 38.13 crore that stood at 30.97 crore in Q4FY23. This means, the IT company registered over 23 percent YoY rise in total income during Q4FY24, indicating strong revenue growth and the potential for higher dividends in the future."

Dev IT share price jumps

Dev IT's strong financial performance in Q4 2024, coupled with the announcement of a final dividend for FY24, has had a positive impact on its share price. The stock opened higher and reached an intraday high of 122.65 on NSE, marking a significant 4 percent intraday rise from Friday's close. This market response underscores the market's confidence in Dev IT's financial strength and its potential for future growth.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 27 May 2024, 12:43 PM IST
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