This microcap IT stock zoomed 15% as board nods stock split; Check details

Dev Information Technology Ltd shares clocked an all time high and rose 15.1 per cent in trade on BSE. The buying interest came after the board approved stock split.

 

Around 12:43 PM, Dev Information Technology Ltd share price was up 13.23 percent at Rs 181.85 per share on BSE. In comparison, the BSE Sensex was up 1.43 per cent at 80,245.33. The market capitalisation of the company stood at Rs 408.88 crore. The 52-week high of the company was at Rs 185 per share and the 52-week low was at Rs 94 per share.

 

"In its meeting held on Monday, November 25, 2024, at 10:30 AM through audio-video conferencing mode, inter alia, discussed and approved sub-division/ split of the existing equity shares of the company," the filing read.

 

The board approved the stock split of equity shares having a face value of Rs 5 each into such a number of shares having a face value of Rs 2 each fully paid up. The record date for the stock split is not been declared. 

 

Dev Information Technology reported a consolidated total income of Rs 48.24 crore for the second quarter of the financial year 2024-25 (Q2FY25), reflecting a 69.26 per cent increase compared to Rs 28.50 crore in the same period last year. 

 

Sequentially, total income rose 43.7 per cent from Rs 30.51 crore in Q1 FY25. The company’s net profit for Q2FY25 stood at Rs 8.11 crore, marking a significant 119.2 per cent quarter-on-quarter growth from Rs 3.7 crore in Q1 FY25.

 

Dev Information Technology is an Indian IT services and solutions company that specializes in providing software solutions, IT consulting, and digital transformation services. Established in 1997, the company offers a range of services, including software development, enterprise resource planning (ERP), cloud computing, and application management. 

 

It is known for delivering tailored solutions to meet the needs of businesses across industries such as manufacturing, retail, education, and healthcare. The company focuses on leveraging advanced technologies to enhance business efficiency, streamline operations, and drive growth. With a strong client base both in India and internationally, DEV Information has earned a reputation for its customer-centric approach and commitment to quality and innovation in the IT services sector.

 

In the past one year, Dev Technology Ltd shares have gained 23.3 per cent against Sensex's rise of 20 per cent.