Dee Development gains on bagging export orders

Dee Development Engineers rose 1.58% to Rs 372.75 after the company announced securing two export orders totaling approximately $11 million.

The first order, valued at $5.92 million, is from John Zink Company LLC for the supply and fabrication of pipe support, with a completion deadline set for September-October 2024.

Additionally, the company has secured a $4.97 million contract from John Cockerill S.A., Belgium, to deliver 682 metric tons of prefabricated piping for a heat recovery steam generator (HRSG) project in Uzbekistan. This project is slated for completion between March and August 2025.

Dee Development Engineers specializes in delivering comprehensive process piping solutions. Their expertise encompasses engineering intricate piping systems for diverse industries, coupled with state-of-the-art manufacturing capabilities that handle a wide range of metals, from carbon steel to exotic alloys. This allows them to offer end-to-end services, from design to production, for complex piping projects.

The firm reported a net profit of Rs 14.34 crore and net sales of Rs 545.55 crore for the nine months ended on 31 December 2023.

The stock entered the stock exchanges on 26 June 2024. It was listed at Rs 325, a premium of 60.1% to the issue price of Rs 203. Its IPO was subscribed 99.56 times. The issue opened for bidding on 19 June 2024 and it closed on 21 June 2024. The price band of the IPO was fixed at Rs 193 to 203 per share.

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