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Dev IT shares jump 7% after order win from NICSI; check details here
The IT-enabled services firm's stock rose as much as 6.6 per cent during the day to ₹120.8 per share. The stock pared gains to trade 4.9 per cent higher at ₹118.9 apiece, compared to a 0.06 per cent decline in BSE Sensex as of 12:15 PM.
Shares of the company have risen for the second straight session, but are a long way off from their all-time high level of ₹191 per share. The counter has risen nearly 29 per cent so far this year, compared to a 5.3 per cent gain in the benchmark Sensex index. Dev IT has a total market capitalisation of ₹268.04 crore.
Dev IT bags ₹1.29 crore order
The company landed a key order from the National Informatics Centre Services Incorporated (NICSI) to develop an Integrated Financial Management System (IFMS), according to an exchange filing. The project, valued at approximately ₹1.29 crore, aims to streamline and digitise the state's financial management operations, it said.
The IFMS will be a comprehensive digital platform encompassing various core financial functions, including pension and employee management, works accounts, bank disbursement engine, core treasury operations, online bill payments, and budget and expenditure management. The project also includes mobile application development and other key components of IFMS.
The project is expected to be executed within a period of two to three months, according to the statement.
"Securing this project highlights DEVIT's proven capabilities in delivering complex, large-scale government technology solutions," the company said in the filing. "Our success is rooted in a deep understanding of the client's operational needs, a customised and innovative approach to solution design, and a strong, collaborative delivery model."
About Dev IT
Founded in 1997 and listed on both NSE and BSE, Dev IT has grown from a small business automation software provider into a global IT services company.
Headquartered in Ahmedabad with offices across India and in Canada, the company focuses on delivering digital transformation through continuous innovation, technological expertise, and a client-centric approach.
Dev IT collaborates closely with clients to understand their goals and deliver tailored IT solutions that drive business success.
The company offers a wide range of services, including Cloud Services, Digital Transformation, Enterprise Applications, Managed IT Services, and Application Development.
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