Multibagger stock: Dev IT share price hits life-time high after this acquisition update. Do you own?
Multibagger stock: Dev IT shares are one of the multibagger stocks that Indian stock market has delivered in last few years. This small-cap IT company stock has been in uptrend after ushering in FY23.
In these near 20 months, this stock has risen from around ₹62.50 to ₹165.65 apiece levels, delivering to the tune of 165 per cent return to its shareholders in this time. However, it seems that the multibagger IT stock still possess some steam in it.
Dev IT share price today opened flat but soon cuaght attention of stock market bulls and touched intraday high of ₹165.65 apiece levels on NSE, which is its new life-time high. This IT stock was in news today for acquisition of f Dhyey Consulting Services Private Limited.
The IT company has acquired 100 per cent stake in this tech company to improve its Air Intelligence (AI) practice. Also Read: Yes Bank shares hit 52-week high.
Buy, hold or book profit? Informing Indian stock market bourses about the acquisition, Dev IT said, "Further to our letter dated Tuesday, December 12, 2023 and in accordance with provisions of Regulation 30 read with Schedule III of the SEBI LODR Regulations, we would like to inform you that the Board of Directors of the Company at its meeting held today i.e., Friday, December 15, 2023, has inter-alia considered and approved to acquire 100% stake of Dhyey Consulting Services Private Limited. For the purpose of same the board of directors have considered and approved execution of Share Purchase Agreement (“SPA") amongst Dev Information Technology Limited (“Company), Promoters of M/s, Dhyey Consulting Services Private Limited (“Sellers") and Dhyey Consulting Services Private Limited (“the Company")." Also Read: 75% IPOs show positive returns in past year:
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