 "Dee Development Engineers surges 3% after securing order worth Rs 140 cr")
Shares of Dee Development Engineers surged up to 3.27 per cent at Rs 357.50 a piece in Wednesday’s intraday deals. This came after Dee Development Engineers secured a work order from a foreign client, the name of which remained undisclosed.
The company in an exchange filing on Wednesday said that the work order pertains to supply of prefabricated pipe spools and is worth $16.5 million or Rs 140 crore. The said order will be executed by December 2026, it said.
In the recently concluded second quarter of financial year 2024-25 (Q2FY25), the piping solutions company reported a 125 per cent rise in consolidated profit to Rs 22.26 crore in the September quarter. The company had posted a consolidated profit of Rs 9.88 crore in the year-ago period. The consolidated income of the company during the July-September period rose to Rs 210 crore over Rs 186.16 crore in the year-ago period.
Dee Development Engineers share price history
The stock price of the company has soared 76 per cent from its issue price of Rs 203. The company debuted on the Indian bourses on August 26, 2024 and successfully raised Rs 418.01 crore.
The stock price of the firm has corrected 10.6 per cent from its 52-week high of Rs 400, touched on July 5, 2024, while it has risen 58.1 per cent from its 52-week low of Rs 226, reached on October, 25, 2024.
Also Read
The company has a total market capitalisation of Rs 2,328.56 crore. Its shares are trading at a price to earnings multiple of 17.48 times and at an earning per share of Rs 14.10.
At 1:00 PM; the shares of the company were trading 1.64 per cent higher at Rs 250.50 a piece. By comparison, the BSE Sensex was up 0.03 per cent at 81,535.17 level.
Dee Development Engineers is an engineering firm specializing in process piping solutions for industries such as oil and gas, nuclear power, chemicals, and other process sectors. The company offers a wide range of services, including engineering, procurement, and manufacturing.
Additionally, Dee Development Engineers manufactures and supplies various piping products, such as high-pressure piping systems, piping spools, high-frequency induction pipe bends, LSAW pipes, industrial pipe fittings, pressure vessels, industrial stacks, modular skids, and accessories. The company also provides customized components, including boiler superheater coils and de-superheaters.