This microcap stock zoomed 10% on Nov 22 after co announced stock split

Shares of microcap firm Dev Information Technology rose up to 10.12 per cent at Rs 168.10 a piece on the BSE in Friday’s intraday deals. The stock price came into focus after the company announced its decision to subdivide or split its existing shares. 

 

The company announced that its board of directors will convene on Monday, November 25, 2024, to consider a stock split of its shares, which currently have a face value of Rs 5 each, fully paid up. 

 

Dev Information Technology operates in the Information Technology (IT) sector, offering a wide range of IT solutions and consultancy services. Its portfolio includes enterprise solutions, e-governance solutions, ERP and CRM implementation, IT infrastructure services, website development, web hosting solutions, and licensing solutions.

 

Dev Information Technology reported a consolidated total income of Rs 48.24 crore for the second quarter of 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 share price history

The company’s stock has underperformed the market year to date as it has fallen 2 per cent, while gaining 21 per cent in the last one year. In comparison BSE Sensex has risen 8.2 per cent year to date and 18.4 per cent in a year. 

 

The company has a total market capitalisation of Rs 356.27 crore. Dev Information Technology shares are trading at a price to earnings multiple of 19.14 times and at an earning per share of Rs 7.98. 

 

At 1:04 PM; the shares of the company were trading 3.80 per cent higher at Rs 158.45 a piece. By comparison, the BSE Sensex was up 1.29 per cent at 78,152.15 level.