Small-cap IT stocks that rose 100% YTD enter Blockchain biz

Ahmedabad-based, Minddeft Technologies provides digital solutions leveraging cloud, automation and data and will augment Dev IT’s services using blockchain technology. It provides blockchain and enterprise solutions with technological innovations.

On 29 November, the Dev IT share opened higher at ₹140, but it cooled down to trade flat to negative on ₹136.30 during the day.

On November 28, the stock reached 52 weeks ₹143.90 after trading ex-share split on 25 November. The company had previously announced a split of shares in the ratio 1:2 from the nominal value of ₹10 each more ₹5 per share.

In 2022 so far the stock has jumped 100%

On November 24, HNI Mr Samip Adani bought 60,000 shares in Dev Information Technology via bulk deal, according to stock exchange data. Following the HNI investment and the share split in the companies, Dev IT shares traded higher last week on November 25.

The company had a valuation of ₹135 crore and generated a net income of ₹27.15 crore in the September quarter and is expected to increase its workforce by 50% in the coming years. Its 47% stake is held by Gujrat-based DevX. The company is a well-known provider of managed office space in Gujarat and recently announced its second co-working space in Pune, according to company information.

The company had previously partnered with Adani Institute of Digital Technology Management (AIDTM) and Orena Solutions to provide skill training to IT students and professionals in Cloud, AI/ML, blockchain technology to accelerate their learning pace with the ongoing digital transformation for better career possibilities.

The company has also collaborated with other Microsoft partners in the APAC region and has been awarded the IAMCP P2P Awards 2022 for the same.

With rapid digitization of data, blockchain technology is expanding in all fields. With the increasing utility of this technology, the company is expected