Multibagger IT stock surges 5% after securing major municipal contract
- Multibagger IT stock: In a formal disclosure to the National Stock Exchange and BSE, DEV IT confirmed securing an Annual Maintenance and New Development Contract from the Bhavnagar Municipal Corporation.
Multibagger stock: Shares of Dev Information Technology Limited (DEV IT) rallied 5 per cent to ₹168 apiece on Monday, November 25 following the announcement of a significant contract win from Bhavnagar Municipal Corporation.
Dev IT share price history
Dev Information Technology share price was trading in the green, up 2.68 per cent at ₹164.90 on November 25 at 9:37 am on the BSE. The company enjoys a market capitalisation of ₹370.77 crore.
Dev IT stock price hits its 52-week high on November 14, 2024, at ₹177.97, as per NSE. Dev IT share price has moved up over 26 per cent in the last one year. Meanwhile, the company's share price has also given a return of around 164 per cent in the last five years.
Why is Dev IT stock in green?
In a formal disclosure to the NSE and BSE, DEV IT confirmed securing an Annual Maintenance and New Development Contract from the Bhavnagar Municipal Corporation. The project is centred on the development and maintenance of an Online Property Tax System, which will incorporate both the Carpet Method and the Old Taxation Method. The contract, valued at approximately ₹84.5 lakh, is expected to be executed over a period of three to four years.
"Dev Information Technology Ltd (DEVIT) secured a noteworthy order from “Bhavnagar Municipal Corporation for its Annual Maintenance and New Development Contract of Online Property Tax System worth Rupees 84.5 Lakh approximately,” the company announced in an exchange filing.
Earlier this year, Dev Information Technology Limited received work orders to supply SQL Server Enterprise and Windows Server licenses. These licenses will enhance the functionality of the Gujarat Chief Minister Office's Dashboard Application, as well as support several other critical software applications used by various departments within the Gujarat Government, the company informed in a filing. These applications are hosted at the Gujarat State Data Centre, ensuring centralised and efficient management of government digital infrastructure.
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