IT Stock Hit 5% Upper Circuit On Order Win From US-based Company; Do You Own?

On Thursday, the shares of Dev Information Technology Limited were up by around 5 per cent and were trading at an upper circuit level of Rs 106. Dev IT Ltd with a market cap of around Rs 234 crore is an IT company whose shares have a 52-week high of Rs 174.75 and a 52-week low of Rs 81. The company informed exchanges that they have secured a noteworthy order from US-based Lilikoi Holdings, Inc. worth Rupees INR 4.41 Crore approximately.

The company said in an exchange filing that, "Lilikoi, a pioneering IoT/AI ecosystem provider headquartered in the USA, has initiated its inaugural work order valued at US$ 5.51 lakhs with Dev Information Technology Limited (DEV IT). This milestone follows Lilikoi Holdings, Inc.'s recent acquisition of a controlling interest in DEV IT, marking the beginning of a transformative partnership.

The scope of work involves the development of Custom Software tailored to the specific needs of one of Lilikoi's subsidiary companies. Additionally, DEV IT will deploy a dedicated team of 40+ highly skilled professionals to oversee, streamline, and bolster the IT infrastructure across Lilikoi's group and network entities. DEV IT's state-of-the-art 24x7 Network Operations Centre will facilitate this comprehensive support, showcasing the commitment to seamless operations and technical excellence. Looking ahead, DEV IT anticipates a surge in international opportunities driven by the Lilikoi acquisition, setting the stage for further growth and collaboration on a global scale".

Earlier this year, the company announced its financial results for Q3FY24 with net sales at Rs 31.74 crore in December 2023 up 16.09% from Rs. 27.34 crore in December 2022. Quarterly net profit at Rs. 1.70 crore in December 2023 down 36.22% from Rs. 2.66 crore in December 2022.

Dev Information Technology, a provider of comprehensive technology solutions for digital transformation using cloud, automation, and data technologies, announced its acquisition of Dhyey Consulting Services Private Limited, through an exchange filing. The decision was unanimously approved by the board of directors for a consideration of Rs 9 crore.