Shares of Dev Information Technology (DEV IT), a small-cap IT services company, rallied sharply on Tuesday, July 22, rising as much as 6.7 percent to touch an intra-day high of ₹120.95. The surge came despite broader markets remaining range-bound, as investor sentiment turned bullish following the company’s announcement of a new government contract.
In an exchange filing, DEV IT said it had secured a significant order worth ₹1.29 crore from the National Informatics Centre Services Incorporated (NICSI). The project involves developing a comprehensive Integrated Financial Management System (IFMS) to support and streamline the state’s financial operations.
Key Scope of Work
According to the company, the IFMS platform will cover multiple core areas of finance management, including pension and employee management, works accounts, treasury operations, online bill payments, bank disbursement engine, budget and expenditure tracking, and mobile application development. DEV IT stated that this engagement reaffirms its capabilities in delivering complex, scalable, and mission-critical IT solutions for government clients.
The company attributed the contract win to its customised approach, deep understanding of public sector requirements, and a strong execution track record. DEV IT added that its experience in handling similar large-scale projects played a crucial role in winning the NICSI mandate.
Stock Performance
The fresh order win triggered a positive response on Dalal Street, with the smallcap stock gaining nearly 7 percent intraday. Despite Tuesday’s rise, the stock still remains over 36 percent below its 52-week high of ₹191, hit in January 2025. On the downside, it had touched a 52-week low of ₹88.15 in May 2025.
Over the last one year, DEV IT shares have declined nearly 19 percent. However, the stock has rebounded in recent months—up 5 percent so far in July after a 7.5 percent gain in June and a 2 percent rise in May. Prior to that, it had posted consecutive monthly declines: down 7.6 percent in April, 4.6 percent in March, 21.3 percent in February, and 10 percent in January.
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