Multibagger IT stock is 109% above 1-year low, record date for stock split fixed

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A small-cap company with a market valuation of 239.15 Cr, Dev Information Technology Ltd operates in the information technology industry. The company is present around the world and employs a blend of information technology, innovation, and digital transformation. Since its founding in 1997, the company has grown to become one of the top providers of IT-enabled services in the nation. The company’s board of directors set the record date for the stock split during their meeting today, November 11, 2022.

The company said in a stock exchange filing that “Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, we Dev Information Technology Limited (the “Company”) would like to inform you that the board of directors has fixed Friday, 25th November, 2022, as “Record Date” to ascertain the shareholders entitled for the purpose of sub-division of 1 (One) fully paid-up Equity Share of the Company having face value of 10/- (Rupees Ten) each, into 2 {Two) fully paid-up Equity Share having face value of 5/- (Rupees Five only) each fully paid-up, which has been approved by the shareholders in its 25th Annual General Meeting dated 30th September, 2022.”

The shares of Dev Information Technology Ltd closed today at 215.00 apiece, down by 3.17% from the previous close of 222.05. In trade today the stock recorded a total volume of 14,923 shares compared to the 20-Day average volume of 42,071 shares. Dev Information Technology got listed on the stock exchanges on April 17 2017 with an issue price of 42 per share, since then it has risen to today’s closing price which represents an all-time high of around 600% in the last 5 years. In the last 3 years, the stock has given a multibagger return of 473% and in the last 1 year, the stock has generated a multibagger return of 194.72%. 

On a YTD basis, the stock has gained 61.47% so far in 2022. On the NSE the stock had touched a 52-week-high of 254.60 on (13-October-2022) and a 52-week-low of 102.50 on (25-February-2022), indicating at the current market price the stock is trading 15.55% below the high and 109.75% above the low. At today’s closing price the stock was seen trading below the 5 days, 10 days, 20 days, and 50 days SMA but above the 100 days and 200 days Simple Moving Average (SMA). For the quarter ended September or Q2FY23 the company posted a promoter shareholding of 68.06%, FIIs holding of 1.81% and a public stake of 30.12%.

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