IT stock Dev Information Technology skyrockets 17%; here's why

Shares of small-cap IT company Dev Information Technology zoomed nearly 17% in intraday deals on Monday, October 20, snapping their six-day winning run following a fundraising plan.

Dev Information Technology, over the weekend, announced board approval for raising funds via warrants of up to ₹68.17 crore. The company said it will issue up to 1.50 crore warrants convertible into equity shares of ₹45.45 each to Aeroflex Enterprises, a non-promoter, on a preferential basis.

Dev IT's order book

Dev Information Technology holds active work orders valued at ₹50 crore from various Government entities across India, as per a release shared by the company.

The company recently bagged an order from a Government of Rajasthan undertaking — RajCOMP Info Services.

According to a press release shared by the company on September 29, the order win for the project titled “Portal Websites,” involves the delivery of comprehensive IT/ITeS and software development services.

The scope of work includes the enhancement of integrated web portals and applications to ensure improved responsiveness and mobile compatibility across Government digital platforms, the company said. Key deliverables include development using the Adobe Experience Manager platform along with associated mobile application components, it added.

Dev Information Technology Limited, established in 1997, provides comprehensive transformations using Cloud, Automation, and Data for advanced business solutions.

Dev IT share price trend

Small-cap stock Dev Information Technology jumped 16.57% to hit the day's high of ₹44.51. The gains, which followed six sessions of losses, drove the company's market capitalisation to above ₹235 crore.

Despite this rise, the small-cap IT stock has seen a challenging period on Dalal Street. Its stock has lost 36% in 2025 so far. Meanwhile, Dev Information Technology's shares have dipped 28% in a year.

Dev Information Technology's share price hit a 52-week high of ₹76.40 on January 3, 2025, while its 52-week low stands at ₹35.26, touched on May 9, 2025.

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