Dee Development Engineers' shares surge 6% after $10 million order win

Dee Development shares rose over 6 per cent after it secured orders worth $10 million for piping fabrication work

Shares of Dee Development Engineers Ltd. surged over 6 per cent on Wednesday after it secured orders worth $10 million from an international client for piping fabrication work. 

 

The industrial product maker's stock rose as much as 6.03 per cent during the day to ₹321.9 per share, the steepest gains since June 20 this year. The stock pared gains to trade 5 per cent higher at ₹318.8 apiece, compared to a 0.61 per cent advance in Nifty 50 as of 12:05 PM. 

 

Shares of the company have risen 17 per cent since its lows of ₹272, which it hit earlier this month. The stock has risen 4.4 per cent this year, compared to a 6.5 per cent advance in the benchmark Nifty 50. Dee Development Engineers has a total market capitalisation of ₹2,203.52 crore.  Track LIVE Stock Market Updates Here

Dee Development order win

In an exchange filing on Wednesday, the company said it bagged a purchase order for piping fabrication work with material basis from an international client, but did not disclose the name due to a commercial issue. "Due to a commercial issue, the company cannot disclose the name of the customer," it said. 

 

The order worth $10 million includes piping spool fabrication, including NDT, PWHT, Blasting & Painting, packing and transportation up FOB port, according to the statement. The contract will be executed by December 28, 2026. 

 

In April this year, the company won an order worth ₹55 crore, but again did not disclose the client's name. Dee Development will work towards the supply of pre-fabricated carbon, alloy and stainless-steel piping items for thermal power stations. 

Dee Development IPO listing 

Dee Development Engineers made a strong debut on the stock market on June 26, 2024, with its shares listing at ₹339 on the National Stock Exchange (NSE), marking a 67 per cent premium over its issue price of ₹203. 

 

On the BSE, the stock opened at ₹325, reflecting a 60 per cent rise from its issue price.  ALSO READ | Microcap stock soars 74% in 1 month, zooms 169% from April low. Do you own?

About Dee Development 

Founded in 1988, Dee Development Engineers is an engineering company specialising in providing process piping solutions for industries such as oil and gas, power (including nuclear), chemicals, and other process sectors. The company offers comprehensive services that include engineering, procurement, and manufacturing.