DEV IT share price zooms 7% after securing project from Gujarat Metro Rail

DEV Information Technology (IT) share price jumped 6.62 per cent at Rs 649.90 a piece on the BSE in Tuesday’s intraday trade. This came after the company secured a Rs 1.23 crore project from the Gujarat Metro Rail Corporation (GMRC), a Special Purpose Vehicle (SPV) responsible for implementing metro rail projects across Gujarat. 

 

The project, spanning from January 24, 2025, to January 23, 2028, aims to enhance GMRC’s IT infrastructure by migrating its existing on-premises and transitioning its exchange server, the company said in an exchange filing on Tuesday. 

 

“We are honoured to partner with Gujarat Metro Rail Corporation on this pivotal project. Winning this contract underscores our commitment to delivering cutting-edge IT solutions tailored to the unique needs of the public sector. Our team is dedicated to ensuring a seamless transition to cloud-based infrastructure,” said Pranav Pandya, Founder & Chairman, DEV IT. 

 

On the equities front, DEV IT share price has outperformed the market, rising 24 per cent in the last six months, while surging 21 per cent in the last one year. In comparison, the BSE Sensex has slipped 5.2 per cent in the last six months, while rising 6.8 per cent in the last one year. 

 

DEV IT  has a total market capitalisation of Rs 388.71 crore. Its shares are listed at a price to earnings multiple of 21.62  and at an earning per share of Rs 7.98

 

At 12:24 PM, the stock price of the company was up 2.89 per cent at Rs 172.50 a piece on the BSE. By comparison, the BSE’s Sensex was down 1.07 per cent to 76,249.11 level.

 

DEV Information Technology, established in 1997 and listed on NSE and BSE, initially focused on business automation software solutions, with the company expanding to offer a range of IT services globally. 

 

Headquartered in Ahmedabad, with offices in India and Canada, DEV IT specialises in providing Cloud Services, Digital Transformation, Enterprise Applications, Managed IT Services, and Application Development. Its product portfolio includes Talligence, an analytics platform, and ByteSigner, a digital signing solution.