PM Modi's IFSC Single Window System launch sends Dev IT shares flying 14%

Dev Information Technology shares zoom: Shares of Dev Information Technology climbed as much as 14.43 per cent to a day's high of Rs 146.48 on the NSE on Wednesday. Nearly 14.10 lakh equity shares of Dev Information Technology worth around Rs 20.19 crore exchanged hands on NSE.

The northward move in the stock price came on the back of the news that Prime Minister Narendra Modi has launched the Single Window IT System (SWIT) developed by Dev Information Technology. 

SWIT, developed under the guidance of the International Financial Services Centres Authority (IFSCA), is a state-of-the-art online platform that offers a seamless and efficient experience for entities seeking to set up operations in these specialised financial zones. In a note dated September 24, 2024, Dev Information Technology said that the platform was officially inaugurated by the Honourable Prime Minister, Shri Narendra Modi, on September 16, 2024, in Ahmedabad.

Commenting on the recent order, Pranav Pandya, Founder & Chairman of Dev Information Technology, said, “We are delighted to be a part of India’s digital transformation journey with the launch of the SWIT. Developed under the guidance of the International Financial Services Centres Authority, this project showcases our ability to create scalable, innovative solutions that simplify complex business processes, enhancing operational efficiency for businesses looking to establish themselves in India’s International Financial Services Centres. We believe that SWIT will significantly ease the process for companies to navigate their setup and ultimately boost India’s position as a global financial hub.”

Dev Information Technology, founded in 1997, has evolved from a small-scale business automation software solutions provider into a global IT services powerhouse. The company specialises in digital transformation services, managed IT services, cloud solutions, and custom software development tailored to your business.

Dev Information Technology has a market capitalization of Rs 324.72 crore on the NSE, as of September 25, 2024. Shares of the IT Enabled Services provider company have appreciated 9 per cent in the last one month, 36 per cent in the last six months, and nearly 1 per cent in the last one year.

At around 12:54 pm, Dev Information Technology shares were trading at Rs 144.99, up 13.27 per cent from its previous close of Rs 128 on the NSE. Meanwhile, the benchmark S&P Nifty was trading at 25,892.65, down 0.18 per cent, while the BSE Sensex was quoted at 84,820.69, down 0.11 per cent.

Dev Information Technology shares are currently trading 13.79 per cent lower than their 52-week high of Rs 174.75 scaled on December 27, 2024, on the NSE.