On Wednesday, shares of Dev Information Technology Ltd saw a significant rise of 17%, reaching Rs 149.45.
The key reason behind this increase was the launch of the company’s Single Window IT System (SWIT) by Prime Minister Narendra Modi.
As soon as this news broke, there was a surge in buying interest in the company’s shares.
Details About the Launch
The SWIT system is designed to simplify business operations at the International Financial Services Centre Authority (IFSC) in India.
It was officially launched in Ahmedabad on September 16. As of 2:40 PM on September 25, Dev IT shares were trading at ₹ 149.45, up 16.8% on the BSE.
The company’s market capitalization is Rs 326.03 crore. The 52-week high for the shares is Rs 174.10, while the 52-week low is Rs 94.10.
Despite the recent rise, this stock has fallen 10% so far this year and has provided flat returns over the last one year.
Corporate Strategy Behind SWIT
The SWIT platform, developed by Dev IT under the guidance of the International Financial Services Centres Authority (IFSCA), aims to make the process of setting up business operations smoother and more transparent.
This platform is expected to make India a more attractive destination for global financial businesses by reducing the time and effort needed to establish operations in the IFSC.
