India's Dev Information Technology jumps on stake sale

Dev Information Technology

27/12/2022 04:42

** Shares of Dev Information Technology  DEVN.NS  rise as
much as 18.33% to 133 rupees, highest since Dec. 9; On track for
a second consecutive session of gain
    ** Information technology solutions company on Monday said
it has sold 5.45% stake in Dev Accelerator (DevX) at a valuation
of 1.04 billion rupees ($12.57 million)
    ** The secondary sale will bring down co's shareholding in
DevX from 41.26% to 35.81%, it added
    ** Share price is above the 50-day, 100-day and 200-day
exponential moving average, suggesting bullish trend
    ** More than 130,000 shares change hands by 9:50 a.m. IST,
1.1x 30-day avg of 123,136 shares
    ** Stock up 204.8% YTD, as of last close
($1 = 82.7300 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))