Small-cap IT stocks: Dev Information Technology's share price surged 14% in early trade on September 25 following the launch of the company's Single Window IT System (SWIT) by Prime Minister Narendra Modi on Wednesday. The system, designed to streamline the operations of businesses in India's International Financial Services Centres (IFSCs), was unveiled in Ahmedabad on September 16.
Share price of Dev IT was trading in the green, up 12.22 per cent. It reached 143.6 on NSE at 12:56 pm on September 25. The market capitalization of Dev IT is 143.6. According to NSE, this amount is Rs 322.97 crore.
The SWIT platform, developed by Dev IT under the guidance of the International Financial Services Centres Authority (IFSCA), aims to simplify bureaucratic processes and enhance transparency for entities setting up operations in these specialised financial zones. This innovation is expected to boost India's attractiveness as a global financial hub by reducing the time and effort required for businesses to establish a presence in IFSCs.
Expressing his excitement about the project, Pranav Pandya, Founder and Chairman, Dev Information Technology Limited said, “We are delighted to be a part of India’s digital transformation journey with the launch of SWIT. Developed under the guidance of the International Financial Services Centres Authority, this project demonstrates our ability to build scalable, innovative solutions that simplify complex business processes, enhancing operational efficiency for businesses looking to establish themselves in India’s international financial services centres.”
The successful development of SWIT demonstrates Dev IT’s capabilities in delivering cutting-edge digital solutions and positions the company for potential growth in a variety of sectors, including healthcare, e-governance and retail.
Founded in 1997 and headquartered in Ahmedabad, Dev IT has grown from a small-scale business automation software provider to a global IT services company. The firm offers a range of services including cloud services, digital transformation, enterprise applications, and managed IT services.
In FY24, Dev IT reported revenue 165.12 crore, EBITDA 15.31 crore, and PAT 9.48 crores. The company's recent success with the SWIT platform could potentially open the doors to more high-impact projects and further strengthen its position in the IT services landscape.